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I wouldn't called it right, but it is legal.
When the Fair Labor Standards Act was crafted, it did not take vacation into consideration. This is because vacation is not legally required in any state or under Federal law.
So, employers have ultimate control over their vacation programs. As such, even though you are salaried, a reduction in your vacation is not seen as a true deduction from your weekly salary, so it is not an illegal deduction that threatens your salaried status.
Regrettably, working more than 40 hours doesn't work in the opposite manner by adding time to vacation.
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