OVERTIME PAY IN THE FINANCIAL SERVICES INDUSTRY

If there was ever an industry that was ready for a “wake-up call” regarding how to properly compensate its non-professional employees, the financial services industry is it. This is because many positions in the banking/lending and securities industry are misclassified as salaried positions in order to avoid overtime pay, even though the kind of work performed often does not meet the legal test for overtime exemption. As a practical matter, this means that financial services employees may be entitled to years of back pay, plus steep penalties, in addition to the overtime pay owed.
Many workers believe that agreeing to be paid a flat salary means they have waived their right to overtime pay. Not true! Overtime is a legal right for most positions and cannot be waived.

If you are a salaried worker in the financial services (or a closely related) industry, but are unsure whether you are entitled to overtime pay, just answer these questions:

  • Do you spend less than one-half of your typical day performing tasks that require independent judgment on truly important matters?
  • Have you worked over 8 hours/day or 40 hours/week at any time within the last 4 years?
If you answered “Yes” to both of these questions, you are likely entitled to overtime pay. You may also be entitled to compensation for meal and rest periods and various penalties against your current or former employer. If you worked the hours, you should be paid for them.

The legal system is set up to “level the playing field” and give workers the power to correct workplace abuses. Scott Cole & Associates has served California’s workforce for many years as one of the state’s most respected workers’ rights law firms and has recovered massive and record-setting settlements for employees for workplace abuses.

For a confidential discussion of your rights against a former or current employer and/or to submit a claim, contact us for more information.