Any day now, the U.S. Department of Labor (DOL) is expected to publish final overtime rule changes that could significantly impact future labor costs. When that happens, employers will likely have 60 days to comply.
Back in March, the DOL submitted its final rule which revises the overtime exemption regulations of the Fair Labor Standards Act (FLSA) to the White House’s Office of Management and Budget (OMB). OMB review, which typically takes at least a month, is the last step before publication of final rule changes. If the DOL’s final rule tracks the proposed rule and OMB approves those changes, the salary level for “white collar” exemptions will increase from the current minimum of $455 per week, or $23,660 a year, to $970 per week, or $50,440 annually. As a result, employees paid below the $50,440 threshold would be entitled to overtime on any work over 40 hours per week.
For the full story, on Forbes.com, click here.
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