The Fair Labor Standards Act (FLSA) is a U.S. law established in 1938 that sets standards for minimum wage, overtime pay, and child labor. It aims to protect workers by ensuring they receive fair compensation for their work and that children are not exploited in the workforce. The FLSA applies to most private and public sector employees, establishing a minimum wage that employers must pay. It also requires that eligible employees receive overtime pay for hours worked beyond 40 in a workweek, promoting fair labor practices across various industries.