I just started working for a company out of Saginaw Mi. The labor rules they have set up are set up to salary an employee at 40 hours per week. All overtime is gifted to the employee in the form of overtime worked is turned into available unpaid time off at a rate of 1:1. my big question about the situation is that late employees, late by no less than 60 seconds are docked 30 minutes of pay. Are they able to dock pay from a salaried employee while not giving them overtime pay? I know they dont have to pay for overtime when we are salaried, but can they pay us less than that 40?

"Salaried" is merely a pay method.

What type of business is this (not its name) and what are your job duties?

You actually have a number of issues.
Salaried does not mean you are exempt from overtime. That is a huge issue of confusion.
You must meet certain criteria to be exempt from overtime and without your job duties, its impossible to tell if you would be exempt.

By law overtime isnt "gifted" it is required by Federal law, so the employer isnt being generous at all. Over 40 hours worked (for nonexempt employees) is time and a half. Not one for one.

Last, you must be paid for all time worked. So, docking you 30 minutes for being a minute late is not legal.

Please give more information about your job duties (not the title) and type of company (not the name) and we'll be able to give more specific information.

You can be fired for being one minute late to work though. So a good way of resolving that particular issue would be to be on time for work.

I agree with Morgana that you have more than one issue and we do not have enough information to address them.

I have never been late myself, but that is the standing rule. As far as what kind of salary setup we have Im not really sure. Job duties is all around PC support and repair.

Incase I didnt make alot of sense with my first post, the pay setup.

We are not paid overtime for any reason, any overtime we work is "gifted" to us in a "time pool" for free un-paid time off.

So if we work over 40 hours, we are not paid for it. if we work under 40 hours, we are not paid for it, and if we are one minute late, we are docked 30 minutes of pay.

Job duties is all around PC support and repair, job title is IT Specialist.

The job duties sound like Non-Exempt, which mean that paid overtime is legally required by law. Job titles are legally meaningless. You can find the actual overtime rules below.
http://www.dol.gov/esa/whd/regs/compliance/whdfs23.pdf

So more or less they are breaking the law by not paying us overtime, and breaking the law by docking 30 minutes of pay for being one minute late?

So more or less they are breaking the law by not paying us overtime, and breaking the law by docking 30 minutes of pay for being one minute late?

Depends on what you mean by "us".
- If by "us", you mean "you" and only you, then yes they are supposed to pay you overtime and yes they cannot dock you for base time actually worked.
- If by "us", you mean some other random group of employees whose job duties we do not know and whose Exempt status we also do not know, then the answer is "no idea based on the information that you have not provided".

There is no "us". Each employee legally stands alone and must be looked at separately.