Victory State Bank: Business Operators Should Be Familiar With Federal Standard For Wages And Overtime Pay
Staten Island, N.Y. -- Victory State Bank, Staten Island N.Y.’s only community-based commercial bank, understands that growing businesses may experience growing pains.
But some of the pain can be averted with a clear understanding of – and adherence to – government regulations.
For example, if you operate a business, the Fair Labor Standards Act (FLSA) is extremely important because it prescribes standards for wages and overtime pay, which affect most private and public employment.
The act is administered by the Wage and Hour Division (http://www.dol.gov/whd/) of the U.S. Department of Labor.
FLSA requires employers to pay covered employees who are not otherwise exempt at least the federal minimum wage and overtime pay of one-and-one-half-times the regular rate of pay.
For nonagricultural operations, the act restricts the hours that children under age 16 can work and forbids the employment of children under age 18 in certain jobs deemed too dangerous.
For agricultural operations, it prohibits the employment of children under age 16 during school hours and in certain jobs deemed too dangerous.
About Victory State Bank:
VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com .
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