Which is not a correct statement regarding the Fair Labor Standards Act $($FLSA$)?$

Exemptions of overtime pay apply to professional, executive, and administrative employees.

Employees do not need to receive advance approval to work more than forty hours in a week.

All workers subject to the law's minimum wage coverage are eligible to receive overtime pay at the rate of $1\frac{1}{2}$ times their regular rate of pay.

Overtime pay can be avoided by giving employees compensatory time off instead.