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-- More banathon? Professionals asking for OT pay?
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More banathon? Professionals asking for OT pay?

Now...does this count as too much regulation?
Are professionals entitled to OT when previously they had been just slaving away for 80 hrs/week and hoping for a reward once a quarter?

quote:

CIBC gets cuffed with second overtime lawsuit TAVIA GRANT October 30, 2008 Canadian Imperial Bank of Commerce has been hit with a second class-action lawsuit that claims employees worked overtime without pay, and lawyers warn more such suits against employers will follow. The $360-million suit was filed on behalf of investment bankers, analysts and investment advisers, alleging CIBC World Markets Inc. regularly requires them to work "excessive" hours without extra pay. "We're talking about professionals who go into the work week knowing they're going to have to stay until the stars come out," said Henry Juroviesky, lawyer and managing partner at Juroviesky & Ricci LLP, which filed the claim. He contends the practice is widespread, and predicted more suits against financial services companies. "Other peer companies can expect we will be initiating actions against them," he said. "They will be hearing from us." Print Edition - Section Front Enlarge Image This week's filing alleges the investment banking unit cultivated an environment where employees are expected to work up to 80 hours a week, contrary to provincial rules. Staff often have an implicit understanding with their bosses that they'll put in longer hours in return for higher pay or promotions. But "the law gives you overtime," said Mr. Juroviesky, who launched a similar class action against accounting firm KPMG last year. "A silent understanding does nothing under the law." This week's suit, which CIBC called "unnecessary," comes almost 18 months after a bank teller filed a class action that also claimed the bank failed to pay overtime. The lead plaintiff in this week's claim is Toronto resident Michael Brown, who worked at CIBC World Markets as a senior analyst from April, 2003, to January, 2004, and says he was required to work about 80 hours of unpaid overtime a month. The filing alleges the pressure to work overtime at the bank's branches was "pervasive" and that employees who didn't work overtime "were pushed out" or disciplined. None of the allegations have been proven in court and the case will first need to be certified as a class action before proceeding. CIBC said it plans to "vigorously" defend this action. "Our overtime policy is clearly defined, exceeds legislative requirements in Canada and is easily accessible," spokesman Rob McLeod said. The bank pays overtime whenever it is required or requested, he said. "We believe that this action is unnecessary given our clear policy and process to resolve employee issues internally." Unpaid overtime has become more prevalent in Canada as employees strive to meet sales or growth targets, said Douglas Elliott, Toronto-based partner at Roy Elliott O'Connor, who co-filed the first suit against the bank. Now "there will be other actions against other employers" as awareness about overtime rules grows, he said.

http://www.theglobeandmail.com/serv...ory/?query=cibc

If you start one on HP, I'll joint your suit.

the bank i work for pays for over time when they ask us to work it.

other then that, we're told not to work more then our required day... and if we want to work longer it's on our time.

I almost thought this suit was something out of Japan
freaking workaholics

so, if the bank loses this suit, does this mean the bank charges will go up again? lol (i'm totally for the plaintiff on this one. you work, you deserve to get compensated for that time)

Good thing, if your company is asking you to work overtime without any expected bonus down the line or worse without overtime pay, then you shouldn't be working there in the first place.

I friggin hate these places and avoid them like the plague.

Working for glory? no thanks.

Another idiocy in the workplace that needs to be adressed, some companies close during the holidays for two weeks and don't give their workers any pay. If that company decides to close, it's their problem, why does an employee need to be punished for that?

the bank i work for doesnt pay me OT, because were on salary

quote:

Originally posted by malek Good thing, if your company is asking you to work overtime without any expected bonus down the line or worse without overtime pay, then you shouldn't be working there in the first place.

Will I get sued if I name some companies here?


lol!

quote:

Originally posted by Shaya007 Will I get sued if I name some companies here? lol!

go ahead

my company pays overtime (CGI)

redbull distribution


slavery





don't ever apply for a job there..




EVER!

quote:

Originally posted by malek Good thing, if your company is asking you to work overtime without any expected bonus down the line or worse without overtime pay, then you shouldn't be working there in the first place.

Well if you want to work in financial services, there's no way around it. (I mean in terms of institutional equity sales/trading/research/banking, which is where the plaintiffs worked)

I-bankers generally get fairly lucrative bonuses every quarter, but when times are tough (as they are now), they're working those hours on a fairly modest salary and the expectation is that they will be lucky to get anything beyond that. So this is where it gets tricky - should they be paid for those hours regardless of how the business does? because the plaintiff is correct in saying that if you refuse to do the time, you're eventually weeded out. It's ruthless.

my company doesn't pay overtime, cos we're all on salary
however if I work 2 hours overtime today, I get to leave 2 hours earlier tomorrow without any notice really

quote:

Originally posted by electro88 the bank i work for doesnt pay me OT, because were on salary

Most places don't - that's the point of this regulation.
Employers abuse the fact that wages are a fixed rate.

quote:

Originally posted by Skipper Well if you want to work in financial services, there's no way around it. (I mean in terms of institutional equity sales/trading/research/banking, which is where the plaintiffs worked) I-bankers generally get fairly lucrative bonuses every quarter, but when times are tough (as they are now), they're working those hours on a fairly modest salary and the expectation is that they will be lucky to get anything beyond that. So this is where it gets tricky - should they be paid for those hours regardless of how the business does? because the plaintiff is correct in saying that if you refuse to do the time, you're eventually weeded out. It's ruthless.

Like I said, nothing wrong with going the extra mile if there's a good bonus every quarter or year. But should employees be ripped off when there's a few bad quarters? Rent and food don't cost less when you have a bad quarter.

Banks should just give average salary with smaller bonuses, they just play these dirty tricks to fuck the employees off. There's no way around it.

quote:

Originally posted by FunkyCrew however if I work 2 hours overtime today, I get to leave 2 hours earlier tomorrow without any notice really

this is really standard with most profesional work environments.

My god I love overtime pay so much

quote:

Originally posted by malek this is really standard with most profesional work environments.

eh trust me, the place I worked at before, they wouldn't even let me do that

quote:

Originally posted by FunkyCrew eh trust me, the place I worked at before, they wouldn't even let me do that

i try to avoid working for gulags

quote:

Originally posted by malek i try to avoid working for gulags

lol
it was Jews actually lol
I'm going to hell for that

quote:

Originally posted by Skipper Most places don't - that's the point of this regulation. Employers abuse the fact that wages are a fixed rate.

Exactly. When you're on salary, your annual pay amount is (or should be) based on a fixed number of hours.

In the case of my accounting firm, its 1975 hours. If you work more than that, you can either a) be paid out at end of year (like a bonus, I suppose, but not really), or b) take flex time throughout the year to even it out (ie. take whole days or parts of days off so that in the end, you've worked the stated and required 1975 hours.

Here, that's great, bc all the extra hours we accumulate during tax season means we can take days off during the summer whenever you want (and we get a good bit of flexibility generally, as summer is the most relaxed time of the year in accounting firms generally), and it doesnt use up any of your vacation time. Some ppl here just never work Fridays all summer to use up all their flex hours they accumulate during tax season. Its great.

for my job there are no set hours as we bill our time...sort of like how lawyers do. We get paid a salary and then quarterly bonuses.

Starting next year, if we do work related activities that we cannot bill for our company will pay us an hourly rate based on our salary. So when we have office meetings I will get additional pay for attending the meeting or if I help mentor some of the younger adjusters I will get paid to help them. Its a pretty sweat deal.

At my company... OT can be requested by all sallaried workers to a certain job scale level.

As I am considered management level (but not people-manager), I am not entitled to request for overtime.

I work for Catholics... damn crusaders!

quote:

Originally posted by ChemEnhanced for my job there are no set hours as we bill our time...sort of like how lawyers do. We get paid a salary and then quarterly bonuses. Starting next year, if we do work related activities that we cannot bill for our company will pay us an hourly rate based on our salary. So when we have office meetings I will get additional pay for attending the meeting or if I help mentor some of the younger adjusters I will get paid to help them. Its a pretty sweat deal.

Interesting. We're the same, in the sense that we must bill all our time too, each and every day.

It either gets billed to chargeable time (ie. clients for working on their year-ends, etc.) or to non-chargeable time (admin, PD, IT, vacation, stat holidays, etc)

You must bill it to either a chargeable or non-chargeable time for it to be recognized towards your standard minimum number of hours.

So, interestingly, even though we bill our time too (like you guys, and lawyers), we are still expected to bill a minimum number of hours a year. Furthermore, generally you gotta maintain a certain ratio of chargeable to non-chargeable hours too... around 90-10 (85-15 at the very least).

I typically work past five with my company just to get stuff done. I'm usually here till 6ish but thats at my own choosing....

(and there good when I walk in at 10am after a late night gig so it works outs)

I think the problem is when the corporate culture dictates you work those extra hours or you won't be accepted into there community. You may get a nice bonus but do you have the option of going home to your family instead? Probably not without getting noticed....

quote:

Originally posted by malek this is really standard with most profesional work environments.

...well, not really. Going back to the case at hand, the lawsuit was launched by people working in financial services specifically, and they're right to describe it the way they did. In that industry, there's no way you officially get time off in lieu. There's some flexibility, but it's not written in stone that you get x hours for x hours worked.

What would the end result be if banks had to start paying OT? Essentially wages would double, and bonuses would be hacked. There would probably be an implicit pressure to not bill OT where possible, essentially reducing your own salary.

quote:

Originally posted by Skipper ...well, not really.

financial sector is just one sector, hence my use of the word "most".

Every work environment I've been at, 5 or 6 now have had flexible hours.

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