Tag Archives: Personal finance

Are you due Unpaid Overtime Wages?

Unpaid-Wages

Unpaid-Wages

With the changing economy, and the jobs becoming less available, many people are trying to stick to their jobs and earn as much wages as they can. Unfortunately, there are some companies who are taking undue advantage of this fact and making people work overtime and not paying them. If you are one of those struggling workers who are not getting their overtime wages, you need to be aware about the employer laws, overtime rules and your rights as an employee.

Your employer will often say that you are not eligible to get an overtime. You need to verify this information before you believe them. There are many websites that has some useful resources and references and it will help you understand your rights and the laws for unpaid overtime. The underpaid overtime resources provide the following informational references:

Overtime Pay Requirements under the Fair Labor Standards Act. This act explains the general rules about the Fair Labor Standards Act. You have two options in bringing an overtime claim. Either you can file a legal case against the employer as an individual or with group of co-workers. You can consult an attorney for further guidance.

Rules for Coverage Under the Fair Labor Standards Act (FLSA). This act explains how to file for an unemployment claim in two different ways.

First one is Enterprise Coverage. If the employer has more than two employees and has a business turnover of $500,000 or more, overtime rules apply. Hospitals, schools and other government agencies fall under this rule.

Individual Coverage applies when your job involves interstate commerce or the production of goods for interstate commerce. For example, janitors, secretaries and factory workers who are shipped to another state qualify under this rule.

You can download all these important documents from the website of U.S. Department of Labor.

As with many laws, there are exceptions too. Some professions that are exempt from overtime wages are executives, professionals, and outside sales employees. If you are one of these, don’t assume that you are exempt. Special rules apply to some workers such as security guards and maintenance service industry workers.

If you are still confused, you can talk to a reputable overtime lawyer for further guidance.

Helpful Resources:

http://www.fairwork.gov.au/resources/search-for-unpaid-wages/pages/search-for-unpaid-wages.aspx

http://www.dir.ca.gov/dlse/howtofilewageclaim.htm

http://www.labor.ny.gov/formsdocs/wp/ls223.pdf

Why it is time to clean up your finances

Now that the New Year has arrived, many people have decided to do something about the debt load they are carrying. Carrying debt on credit cards and owing money on financial loans is a common occurrence in our economy. It is easy to use credit cards to buy everyday essentials and luxury items. The problem comes when this debt is not immediately paid off.

Credit cards carry high interest rates and the longer the debt is left on the card, the more the cardholder is charged. Interest rate charges can really add up and potentially hundreds of dollars can be added onto the credit card bills every year. Fortunately, there are several things that can be done to bring the debt to a more manageable level.

Prioritize Your Debt

The most important thing is to start setting a realistic budget and take note of all expenditure during a month. How much money is coming in and how much is flowing out should be noted down and then used to plan ahead. Take note of all unnecessary expenditure, such as morning coffees at the upscale coffee shop.

If you really want to make a realistic dent in your debts, these kinds of items should be cut out of the budget and the money should be used to pay off debt instead. The highest interest debt should be paid off first. Cutting out restaurant meals for a while will also help create a positive cash balance that is large enough to start making major dents in the debt load. If there is a car loan, it is a good idea to make as large a monthly payment as possible to decrease the number of years for loan repayment. This can save thousands of dollars over the life of the loan.

It may be possible to refinance the home mortgage if there are lower interest loans available. The old, higher interest mortgage can then be paid off and the new lower interest rate can help speed up repayment of the new loan. Instead of cutting back on the payments because the interest rate is lower, it is now possible to make the same or higher payments as before to get rid of the debt quicker.

Making a habit of paying cash for items is a good idea because it helps avoid the temptation of putting purchases on credit. If this system is implemented, it is not possible to buy something that is not within budget.

Change Your Lifestyle

Using public transport a few times a week can help save on fuel costs. It may be possible to arrange a car pool with fellow employees. Another way to save money is to buy clothes at second-hand stores. Many stores carry designer labels that are like new and at a fraction of the cost. It’s possible to be fashionably dressed without spending a lot of money. Instead of buying magazines and books at stores, get them for free at the library.

Most cities and towns have community libraries that carry many titles of books and magazines. The money saved from these efforts can be used to pay off debt or to start a savings account. It may take some getting used to when implementing these measures, but many people find that these small changes do not impact their quality of life and debts can be repaid so much quicker.