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Jul 11

DOL New Overtime Regulations

DOL New Overtime Regulations

Stressed Business ManAre the DOL new overtime regulations stressing you out?

Relax, you have a few months to prepare.  The new regulations go into effect December 1, 2016.

You have probably heard that the new regulation significantly increases the minimum salary for employees that are classified as white collar and highly compensated, exempt from overtime pay.

These exemptions were originally created for highly-paid workers who had better benefits, job security and opportunities for advancement than those in hourly positions.

Since the 1970s there has been only one update to the minimum salary requirement which occurred in 2004 to its current amount of $450 per week, or $23,660 annually.

Effective December 1st, the minimum salary threshold increases to $913.00 per week, or $47,476 annually, more than a 100% increase.

These changes are sure to profoundly affect those in our industry. DHI has recently made available to its members a webinar put together by the Small Business Legistlative Council to help navigate through these changes. Click on the pic below to access this webinar.

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If you are not a member of DHI a simple google search will result in multiple sites offering advice on how to navigate the DOL new overtime regulations. The best that I have found is from Paychex, they have put together a comprehensive paper on dealing with the changes.  Check out “Section IV Making A Plan” to alleviate some of that stress!

Overtime-Regulations-Guide-2016-by-Paychex-1

Comment below with your experiences dealing with these new regulations, I’m sure others would be interested in hearing how your business is coping.

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