You need to be visiting with an employment attorney, but the federal contractor minimum wage requirement normal does not apply to banks. You do need to pay attention to the FLSA ruling on mortgage loan officers however.
Federal Contractor Minimum Wage Requirement
If an employee is bonus eligible do we still have to follow the federal contractor minimum wage requirement? We are looking at our mortgage loan officers that are paid on production. Would we have to change it if they aren't producing to make a bonus?
First published on 07/08/2018