Categories: Accounting, Our Team, Uncategorized
by Rachel Owens
The U.S. Department of Labor recently issued its final rule regarding overtime, at President Obama’s instruction. Overall, the rule is expected to cover 4.2 million more Americans, and boost wages by $12 billion in the next 10 years. One of the most significant changes is that it doubles the salary threshold—from $23,660 to $47,476 per year—under which most salaried workers are guaranteed overtime (hourly workers are generally guaranteed overtime pay regardless of their earnings level). The final rule takes effect on December 1, 2016.
More information about this rule can be found in the links below.
- Fact Sheet
- Overtime video
- Wage and Hour Division Overtime Fact Sheet
- Questions and Answers
- Comparison Table: Current Regulations, Proposed Rule, and Final Rule
- Overtime Webinars from the Department of Labor’s Wage and Hour Division
- Small Business Guide
- Non-profits and the FLSA
- Higher Education and the FLSA
- State and Local Governments and FLSA
- Private Employer Technical Guidance Document
- Non-Profit Technical Guidance Document
- Higher Education Technical Guidance Document
- Non-Enforcement Policy Questions and Answers
To learn more about how you or your organization are affected, contact our office.