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ABA-DOL Issues 'Regular Rate of Pay' Final Rule.

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ENPNewswire-December 13, 2019--ABA-DOL Issues 'Regular Rate of Pay' Final Rule

(C)2019 ENPublishing - http://www.enpublishing.co.uk

Release date- 12122019 - The Department of Labor issued a final rule clarifying which types of compensation must be included in determining an employee's 'regular rate' of pay.

The final rule, which takes effect on Jan. 15, 2020, incorporates several ABA-advocated changes.

The calculation of an employee's regular rate of pay is important because, under the Fair Labor Standards Act, banks and other employers must pay an employee 1.5 times the employee's regular rate of pay for any hours in excess of 40 hours that the employee works in a workweek, unless that employee is exempt from overtime requirements. An employee's regular rate of pay may differ from the employee's hourly rate of pay because the regular rate includes certain payments and benefits provided to the employee.

DOL's final rule clarifies that tuition assistance, benefit plan contributions, certain sign-on...

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