Fair Labor Standards Amendments of 1981

Fair Labor Standards Amendments of 1981 - Amends the Fair Labor Standards Act of 1938 to permit employers, without prior certification by the Secretary of Labor, to pay 85 percent of the minimum wage to: (1) a youth under age 19, for a 180 day period; and (2) full-time students, with proof of enrollment at an institution of higher education, for part-time work up to 20 hours per week or full-time work during vacation periods.

Directs the Secretary to insure against specified violations of requirements for such special minimum wages. Makes employers liable for unpaid wages and overtime compensation for such violations.

Directs the Secretary to consider specified factors relating to employment or equipment used in retail or service establishments in reviewing or issuing any order or regulation declaring such employment particularly hazardous for or detrimental to the health of children between the ages of 16 and 18. Directs the Secretary to hold hearings on such proposed orders.

Postpones for two years the increases in the minimum wage scheduled to take effect in 1980 and 1981.

Changes the formula for determining the amount of wages which an employer is deemed to have paid to a tipped employee from a 45 percent to a 50 percent maximum tip credit.

Repeals the requirement that sums collected as penalties for violations of specified child labor laws and regulations be applied towards reimbursement of the costs of determining such violations and assessing and collecting such penalties.