The Fair Labor Standards Act (FLSA) is a United States federal law that was created to protect workers against unfair employment and labor practices. The FLSA is administered by the U.S. Department of Labor (DOL) and is aimed at ensuring that workers are paid a minimum wage and compensated correctly for overtime hours. It also specifies which workers are eligible for overtime pay, when workers should be paid, and when they may be considered 'on the clock'.

At its core, the FLSA seeks to ensure that all employees in the United States are paid fairly for their work. This act sets the standard for minimum wage, overtime pay, recordkeeping, and a variety of other labor standards. As of 2021, the minimum wage is the same across the nation and it is currently $7.25 per hour.

An employee’s status with regard to the FLSA will determine whether they are eligible to receive overtime pay. Generally, employees are considered either exempt or not exempt from the overtime provisions of the FLSA. An exempt employee is not eligible for overtime pay, whereas a nonexempt employee is eligible for overtime if they work over 40 hours in a 7-day work period.

In addition to setting the standards for minimum wage and overtime, the FLSA also regulates child labor, wage disparity due to gender, and age discrimination. The FLSA prohibits employers from employing minors under the age of 16 in hazardous occupations and employing minors below the age of 18 in non-hazardous jobs unless the employer is granted special permission by the Secretary of Labor. Furthermore, wage disparity based on gender or age is illegal: employers must pay every employee equal wages for performing equal work.

The FLSA applies to employers who do business in a yearly annual sales amount of $500,000 or more and employers who engage in interstate commerce. This includes corporations, companies, and organizations that conduct business over state lines.

In conclusion, the Fair Labor Standards Act is a critical federal law that protects workers against unfair employment practices. By setting minimum wage standards, regulating overtime pay, and prohibiting wage disparity and discrimination, the FLSA seeks to ensure that all employees in the United States are paid fairly for their work.