I was offered an hourly rate for full time job which is unusual since most jobs just offer yearly salary. While hourly rate seems to get me to a higher than "normal" yearly pay but it almost seems to good to be true so I have many doubts that at the end of the year I will get less (and not more) pay. In general, what should I look for and may be I should ask to put yearly pay in my contract to be on the safe side? Or there is nothing to worry about in general?
There are simply too many unanswered questions to give you a realistic answer. First, are you sure that the "hourly rate" was intended to be your actual pay rate, or was it simply a figure representing what you would be earning if you worked 40 hours per week and a given yearly salary?
Second, what is the specific job for which you are being hired? If you were actually classified as a salaried employee, would you meet the Labor Department's test to be exempt from overtime? If you were an hourly employee, how many hours per week would you be working? What are the minimum hours your could expect to get in a week?
As an example, if you were paid a yearly SALARY of $31,200 (that's $15/hour for a 40 hour week),you would have a weekly gross salary of $600, or $15 per hour. But you were consistently called on to work extra hours (as a salaried, exempt employee, you don't get paid overtime), you would be making less than $15 an hour. If you worked only two hours extra each week, your weekly check would still be $600, but your hourly rate would be reduced by 72 cents an hour ($14.28).
If you worked TEN extra hours per week, you would still get a check for $600, but you would effectively only be making effectively $12 per hour.
On the other hand, if you were being paid an hourly rate of $15 per hour, and worked 40 hours, you would make $600. But if you worked 2 extra hours each week, your check would be $645, because of the two hours of overtime, at time and a half. And if you worked 10 hours of overtime per week, your check would be $825 per hour.
The critical question isn't whether you are paid hourly or salary, it's how much money you end up getting per hour you work.
I'm licensed to practice law only in Indiana, so if you're in another state, I can't give you "legal" advice. My answer is simply "friendly" advice based on my experience as an attorney in Indiana, my knowledge of federal and common law, and common sense. Even if you are in Indiana, employment law questions are very fact specific, and based on the limited information you provided in your post, I can't give you legal advice, and my answer is intended as general information only. It doesn't create an attorney-client relationship.
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