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#1967530 - 10/07/14 03:15 PM Minimum Wage Final Rule
sway Offline
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Joined: Feb 2011
Posts: 128
Has anyone read the Final Rule?

http://www.gpo.gov/fdsys/pkg/FR-2014-10-07/html/2014-23533.htm

My interpretation is that Banks are not covered by the regulation but I wanted to confirm.

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Human Resources
#1967552 - 10/07/14 03:50 PM Re: Minimum Wage Final Rule sway
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
First, tell me that you pay all your employees more than $10.10 an hour for goodness sakes.

Second, without reading all the way through this and researching all the cross-references, what make you think financial institutions are exempt.
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#1967683 - 10/07/14 06:34 PM Re: Minimum Wage Final Rule rlcarey
sway Offline
100 Club
Joined: Feb 2011
Posts: 128
1. Many of our part-time/seasonal tellers do not make $10.00. In addition, some of our brand new tellers coming out of high-school do not make $10.00 until their 90 day review. This is not uncommon for financial institutions in our area.

2. The ABA issued the following e-bulletin when the proposed rule came out: http://www.aba.com/Tools/Ebulletins/Documents/HRIssuesandResourcesJuly2014.pdf

It specifically addressed the fact that financial institutions were not included. I was just trying to make sure the final confirmed this.

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#1967745 - 10/07/14 07:19 PM Re: Minimum Wage Final Rule sway
Susielou Offline
Gold Star
Joined: Aug 2005
Posts: 362
Midwest
Our part-time teller does not make $10 hour either. Again, not uncommon for this area.

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#1967856 - 10/07/14 09:40 PM Re: Minimum Wage Final Rule sway
QCL Offline
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QCL
Joined: May 2002
Posts: 6,259
NW IL
Here is a current fact sheet, sway:
http://www.dol.gov/whd/flsa/eo13658/fr-factsheet.htm

Executive Order 13658 applies to four major categories of contractual agreements:

- procurement contracts for construction covered by the Davis-Bacon Act (DBA);
- service contracts covered by the Service Contract Act (SCA);
- concessions contracts, including any concessions contract excluded from the SCA by the Department of Labor’s regulations at 29 CFR 4.133(b); and
- contracts in connection with Federal property or lands and related to offering services for Federal employees, their dependents, or the general public.

Reading the link that you provided, along with this, lends my opinion that bank's are not covered.

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#1968008 - 10/08/14 03:55 PM Re: Minimum Wage Final Rule sway
toxfox13 Offline
New Poster
Joined: Jun 2013
Posts: 19
Springfield MO
Most full time tellers around here start around 8.50/hour

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