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Yes!
At the previous place where I worked, they divided my salary and had a portion of it be a pre-paid overtime allowance. As a result, I couldn’t get paid for any extra hours I worked and refusing to work overtime would have violated my contract. In three months, I worked more than 400 overtime hours and did not get paid for any of it.
This is one of many things to look out for in an employment contract. Especially if you are working for a larger company, it is a good idea to have a lawyer look over your contract. And, if you are going to be on E series visa, it is a good idea to include a guarentee that they will give you a letter of release in your contract.
