BC Advantage - 2016 Issue 5

DOL Releases Final Overtime Rule

The U.S. Department of Labor (DOL) issued the long-anticipated final overtime rule on May 18 and included an exempt employee threshold of $47,476-less than the proposed rule's $50,440 but slightly more than double the old threshold of $23,660. It is a change that will make millions of exempt employees eligible for overtime pay later this year. The impact of the increase will escalate in coming years; the rule included a hike every three years in the minimum salary for exempt employees. Employers must comply with the new rule by December 1, 2016-a much longer time...

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