What does FLSA mean in Accounting?
This page is about the meanings of the acronym/abbreviation/shorthand FLSA in the Business field in general and in the Accounting terminology in particular.
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What does FLSA mean?
- Fair Labor Standards Act
- The Fair Labor Standards Act of 1938 is a federal statute of the United States. The FLSA introduced a maximum 44-hour seven-day workweek, established a national minimum wage, guaranteed "time-and-a-half" for overtime in certain jobs, and prohibited most employment of minors in "oppressive child labor", a term that is defined in the statute. It applies to employees engaged in interstate commerce or employed by an enterprise engaged in commerce or in the production of goods for commerce, unless the employer can claim an exemption from coverage. The FLSA was originally drafted in 1932 by Senator Hugo Black, who was later appointed to the Supreme Court in 1937. However, Black's proposal to require employers to adopt a thirty-hour workweek met stiff resistance. In 1938 a revised version of Black's proposal was passed that adopted an eight-hour day and a forty-hour workweek and allowed workers to earn wage for an extra four hours of overtime as well. According to the act, workers must be paid minimum wage and overtime pay must be one-and-a-half times regular pay. Children under eighteen cannot do certain dangerous jobs, and children under the age of sixteen cannot work during school hours. There were 700,000 workers affected by the FLSA, and Roosevelt called it the most important piece of New Deal legislation passed since the Social Security Act of 1935.