According to Paycor data, 64% of businesses are affected by this update.
Paycor’s 7 Step Guide to Mastering Department of Labor Overtime Updates helps employers understand if they are affected and the actions they need to take for this impending rule change. Utilizing this guide and Paycor’s solutions can help you ensure you answer important questions, such as:
Download the 7 Step Guide today to ensure you’re prepared to comply when the law goes into effect.
This information in this guide is not intended as legal advice. You should seek specific legal advice before acting with regard to the subjects mentioned herein. Any calculations contained herein are for example purposes only.
Update: On November 22, a U.S. District ruled in favor of an injunction blocking the final overtime rules from being implemented on December 1, 2016. At this time, we are awaiting more information on updates to the rule and the final implementation date.
If you have implemented changes already, we recommend businesses not change any plans, pay structures, or policies that have been updated.
On May 18, 2016 The U.S. Department of Labor released its final rule regarding the changes to the overtime threshold for the Fair Labor Standards Act.
Among other things, the Department has doubled the minimum salary needed to qualify for these exemptions, from the previous level of $455 a week (or $23,660 a year) to $913 a week (or $47,476 a year), with increases every three years thereafter.
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