In 2014, President Obama directed the Secretary of Labor to update the overtime regulations to reflect the original intent of the Fair Labor Standards Act, and to simplify and modernize the rules so they’re easier for workers and businesses to understand an apply. The department has issued a final rule that will put more money in the pockets of middle class workers – or give them more free time.
The final rule will:
Raise the salary threshold indicating eligibility form 455/week to $ 913 (47,476 per year), ensuring protections to 4.2 million worker.
Automatically update the salary threshold every three years, based on wage growth over time, increasing predictability.
Strengthen overtime protections for salaried workers already entitled to overtime.
Provide greater clarity for workers and employers.
DOL’s Final FLSA Overtime Regulations
You have until December 1 to comply with new Department of Labor (DOL) regulations concerning employee classification and overtime pay – the biggest wage and hour complication of the past decade.
That’s the date you’re required to begin paying overtime to workers who earn less than $47,476 a year – up from $23,660 – even if they’re classified as manager or professional.
Here’s the tough choice you face: Either you’ll need to increase a currently exempt worker’s salary so the worker remains exempt or reclassify the worker as nonexempt – and begin paying overtime if he or she works more than 40 hours per week.
To make things even tougher, responsibility for tracking a newly non-salaried worker’s hours falls on you, the employer, not the employee.
The new rule will apply to business of all sizes, and will have major consequences for an estimated 4.2 million employees nationwide. What’s important to you, however, is the significant impact the change will have on your company’s bottom line, personnel costs, record keeping and employee morale.
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