The new Department of Labor (DOL) overtime regulations will significantly increase the number of working Americans who qualify for overtime wages. The effective date for these changes to be in place is December 1, 2016.
As part of the changes, the minimum weekly salary for an employee under the white collar exemption* will increase from $455 per week to $913 per week (or from $23,660 per year to $47,476 per year). The new proposed salary threshold for highly compensated employees will move from $100,000 to $134,004 annually. The DOL has included a process for annual increases to these thresholds every three years beginning January 1, 2020.
The impact of these changes could be both costly and widespread, and all business owners should be preparing for these changes now. Please click here for more information.
Oasis Outsourcing, the nation’s largest privately held Professional Employer Organization (PEO) can help you in analyzing your current workforce and developing a plan to assist with the new rules.
Please contact Kenneth Orr, President of The PEO Group and an FIU alumnus, for more information on how Oasis can assist your business.
The PEO Group is a proud Affinity Partner of the FIU Alumni Association