DOL Proposed Overtime Changes You Need to Know | Paycor
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Transcript of DOL Proposed Overtime Changes You Need to Know | Paycor
2www.paycor.com | 800.381.0053
In June 2015, the Department of Labor proposed revised regulations which affect the Fair Labor Standards Act’s “white collar” overtime exemptions.
The proposed regulations increase the salary threshold needed to qualify for overtime exemption from $455/week ($23,600 per year) to $970/week ($50,440/year).
This proposed regulation has many implications for employers throughout the United States.
Any business that employs exempt workers with salaries under $50,440 would be directly affected by the new regulations and need to consider their best course of action for each affected employee.
Proposed DOL Updates Explained
3www.paycor.com | 800.381.0053
As these are proposed regulations, they may be changed before becoming final and binding. However, because the regulations are expected to be effective in early 2016, employers should prepare as if the proposed regulations will go into effect as written.
These slides aims to help employers not only understand how the changes affect them, but what actions they can take to best help their business and ensure they are fairly compensating their employees.
This information is provided for educational purposes. You should seek specific legal advice before acting with regard to the subjects mentioned herein. Any calculations contained herein are for example purposes only.
Proposed DOL Updates Explained
4www.paycor.com | 800.381.0053
According to Paycor data, 65% of organizations have at least one employee who earns a salary of less than $50,440 a year.*
These employees could now be eligible to receive overtime pay for hours worked above 40.
*Statistics provided by Paycor client data of over 29,000 businesses.
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