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On Wednesday May 18, 2016, the Department of Labor (Department) issued the new Final Rule for Overtime for Exempt White-Collar Workers (Final Rule). The Final Rule totals 503 pages and will be officially published in the Federal Register on May 23, 2016. Some highlights of the Final Rule are as follows –
The Department estimates that 4.2 million salaried workers will be directly affected by the Final Rule based on their salary. The Department believes an additional 8.9 million workers are currently eligible for overtime because their duties do not meet the exemption for executive, administrative or professional workers. Under the Final Rule, their eligibility for overtime will become clearer because their salaries will fall below the new threshold. As a result of the Final Rule an extra $1.2 billion a year is expected to be paid in salary expense.
The December 1, 2016 implementation deadline will approach rapidly. Employers have many options in complying with the Final Rule.
Contact us with questions or concerns regarding the Final Rule and the impact it may have on your organziation and visit our Not-for-Profit Industry Group services page to learn about the services we offer the industry.
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