As if preparing for your 2017 compensation plan was not enough, on May 18, 2016 the Department of Labor’s published its official rules regarding its 2015 proposal to amend the Fair Labor Standards Act (FLSA.) The rules take effect on December 1, 2016 and employers must prepare for these final rules. Under the new regulations, any employee who is paid less than $47,476 per year will be entitled to overtime pay. It critical employers plan now what they will do in December to avoid escalating payroll costs. Because of these rules, the DOL’s Wage and Hour Divisions estimates that 10.9 million workers will no longer qualify as exempt and almost 5.0 million workers will become entitled to overtime with other experts estimating those numbers as much higher.
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As if preparing for your 2017 compensation plan was not enough, on May 18, 2016 the Department of Labor’s published its official rules regarding its 2015 proposal to amend the Fair Labor Standards Act (FLSA.) The rules take effect on December 1, 2016 and employers must prepare for these final rules. Under the new regulations, any employee who is paid less than $47,476 per year will be entitled to overtime pay. It critical employers plan now what they will do in December to avoid escalating payroll costs. Because of these rules, the DOL’s Wage and Hour Divisions estimates that 10.9 million workers will no longer qualify as exempt and almost 5.0 million workers will become entitled to overtime with other experts estimating those numbers as much higher.
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