On May 18th, the Department of Labor issued the long-awaited final overtime rule, increasing the exempt employee threshold to $47,476 more than double the old threshold of $23,660. We believe this new salary requirement will greatly impact small businesses and non-profits. Furthermore the exempt threshold will continue to rise in coming years as the new rule includes a provision that the minimum salary will increase every three years. The automatic increase will be based on the 40th percentile of the weekly earnings of full-time salaried workers in the lowest-wage Census region, the South. Employers must comply with the new rule by Dec. 1, 2016—a much longer time to comply than the minimum 60 days required in the proposed rule. We will continue to update you on this new rule as we review it and get closer to the implementation date. If you have any questions in the meantime do not hesitate to contact us.
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