Fair Labor Standards Act (FLSA) Of 1938: An act that covers public agencies and businesses engaged in interstate commerce or providing goods and services for commerce. The FLSA provides guidelines on employment status, child labor, minimum wage, overtime pay and record-keeping requirements. It determines which employees are exempt from the Act (not covered by it) and which are nonexempt (covered by the Act). It establishes wage and time requirements when minors can work. It sets the minimum wage that must be paid and mandates when overtime must be paid.

 

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Fair Labor Standards Act (FLSA) Of 1938: An act that covers public agencies and businesses engaged in interstate commerce or providing goods and services for commerce. The FLSA provides guidelines on employment status, child labor, . . . View Full Definition

Out-Of-Area Benefits: Benefits the health plan provides to covered persons for covered services obtained outside of the network service area. The details of such benefits will vary from plan to plan.

Out-Of-Favor Industry Or Stock: An unpopular industry or stock that usually has a low price-earnings ratio.

Out Of The Name: Used in the context of general equities. To no longer have an active trading profile/position in the stock.