With respect to each employee compensated for overtime hours at a
``basic'' rate which is substantially equivalent to the employee's
average hourly earnings, as authorized in accordance with section
7(g)(3) of the Act and part 548 of this chapter, employers shall
maintain and preserve records containing all the information and data
required by Sec. 516.2 except paragraph (a)(6) thereof and, in addition,
the following:
(a)(1) The hourly rates, piece rates, or commission rates applicable
to each type of work performed by the employee,
(2) The computation establishing the basic rate at which the
employee is compensated for overtime hours (if the employee is part of a
workforce or employed in or by an establishment all of whose workers
have agreed to accept this method of compensation, a single entry of
this computation will suffice),
(3) The amount and nature of each payment which, pursuant to section
7(e) of the Act, is excluded from the ``regular rate.''
(b)(1) Identity of representative period for computing the basic
rate, (2) the period during which the established basic rate is to be
used for computing overtime compensation, (3) information which
establishes that there is no significant difference between the
pertinent terms, conditions and circumstances of employment in the
period selected for the computation of the basic rate and those in the
period for which the basic rate is used for computing overtime
compensation, which could affect the representative character of the
period from which the basic rate is derived.
(c) A copy of the written agreement or, if there is no such
agreement, a memorandum summarizing the terms of and showing the date
and period covered by the oral agreement or understanding to use this
method of computation. If the employee is one of a group, all of whom
have agreed to use this method of computation, a single memorandum will
suffice.
