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.
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