Department of Labor (DOL)
Definition - What does Department of Labor (DOL) mean?
The Department of Labor (DOL) is a federal government agency that has the responsibility of creating and upholding the standards and safety regulations for the American workforce. DOL was created in 1913. Some of the issues it deals with are wages, hours that can be worked per day and week, unemployment insurance benefits and occupational safety.
Justipedia explains Department of Labor (DOL)
Companies that do not uphold the laws and standards put into place by the DOL can face punishments, and even be shut down in some cases. For example, if a company is paying its employees wages that are below minimum wage, and is working them overtime without giving them overtime hours, then it can get into major trouble with the DOL.
The DOL performs audits and inspections of companies periodically to make sure that they are in compliance with the current laws.