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Archived News Release--Caution:
information may be out of date.
For more information call: 202/693-5053
"The Department of Labor supports the use of stock option plans which
allow workers to obtain a stake in their employer's growth, prosperity and
profits. We recognize that the workplace is constantly changing, and that to
maintain the spirit of the law, sometimes the letter of the law must change.
To that end, we have been working with interested parties to develop a
targeted, bi-partisan legislative proposal to amend the Fair Labor Standards
Act and make these plans available to employees while still protecting their
hourly wage.
If all interested parties work together in a constructive way, we can
arrive at a solution that will benefit both employees and their employers."
Background: The Labor Department's Wage and Hour Division's compliance
assistance opinion letter of February 12, 1999-- responding to a hypothetical
stock option plan--accurately reflects the application of the Fair Labor
Standards Act to that hypothetical plan, but not to every possible plan. DOL
staff have been meeting with many groups to learn more about both stock option
plans and other means for employees to obtain a stake in their company's
success. These discussions have been very helpful in examining how these plans
can benefit front-line workers in our new workplace.
Archived News Release--Caution:
information may be out of date.
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