Short answer yes - especially if you are salaried. They DO NOT have to comp you or pay you for that time. Nothing you can do about it.
If you are hourly they WILL have to pay you - not sure about overtime pay though. But it washes out since it's a holiday and you'd get paid anyway!
If you are lucky enough - your manager may "comp" you a few hours here or there at their own discretion, but don't expect it.
Bummer huh???
I worked for corporation that had what's called 9/80. You worked 9 days and the 10th day (Friday) you were off. Work days were 10 hour days. It seemed EVERY 10th off-Friday, the "critical" departments had to come in and work because they were so far behind in work load. We all b*tched and moaned about it, but nothing we could do - we were all salaried. And HR backed management, the corporate lawyer got involved and pretty much told us we were "S.O.L"
Luckily, my immediate manager allowed comp time here & there. A longer lunch, coming in later, leaving earlier etc. during the month.
Yeah, companies are understaffed, overworked and yet mgmt expects 110% from employees - but they don't hesitate to lay you off when they have to "downsize".