If there was ever an industry ready for a “wake-up call” regarding how to properly compensate its professional and non-professional employees, the financial services industry is it. This is because many positions in the banking/lending/securities industry are still being misclassified as salaried (i.e., overtime-exempt), when the nature of their work demands otherwise. In cases where they are misclassified, financial services employees may be entitled to years of back pay, plus some very steep penalties.
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 which cannot be waived by agreement.
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, start by answering these questions (and then contact us):
- Do you spend less than one-half of your typical day performing tasks that require independent judgment on truly important matters?
- Are you selling a non-consumable item (i.e., non-“retail” product like investment products, or other items that are held and then, eventually, resold)?
- Have you worked over 8 hours/day or 40 hours/week at any time within the last 4 years?
If you answered “Yes” to each 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. Don’t let your employer convince you otherwise. 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 decades as one of the state’s most respected workers’ rights law firms and has recovered massive and record-setting judgments/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.
This information is for illustrative and educational purposes only. It should not be construed as legal advice, the establishment of an attorney-client relationship, or as indicative of a particular outcome regarding any legal issue you might have.