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I know someone who has signed a similar agreement.
There is nothing wrong with it in my opinion.
In the case of the person I know, he wants to work more hours (more than 40h/week). The boss said he can't afford to pay overtime so he can't let him work more hours. But, my friend said he doesn't care about overtime pay, he just needs more hours.
So in instances like this I think it's okay since the boss is helping him out. But, if the boss forces you to do over time, you should be compensated as such.
I think it just depends on the circumstance.
edit; I posted before reading the article.
So it seems like the employees were requesting extra hours. I don't see what the problem here is? The employer CLEARLY informed the employee of the situation and the employee agreed. I don't really see what the problem is? As far as I'm concerned, the employee(s) are being bitches.
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