A federal law which establishes minimum wage, overtime pay, record keeping, and child labor standards affecting millions of full-time and part-time workers in the private sector, and in Federal, State, and local governments. Covered employees (non-exempt) are entitled to a minimum wage and overtime pay at a rate of at least one and one-half times their regular pay rate after 40 hours of work in a week. The FLSA contains some exemptions from these basic standards. Some exemptions apply to specific types of businesses; others apply to specific kinds of work.