What Every Company Should Know About the New Overtime Rules
After years of regulatory wrangling, the U.S. Department of Labor’s (DOL) new overtime rules are set to go into effect on January 1, 2020. The new rules are designed to address employees who are currently exempt from mandatory overtime pay under the Fair Labor Standards Act. Implementation could result in more than 1 million exempt employees receiving overtime pay from 2020.
This is something that has been a long time coming. The DOL attempted to implement similar rules under the Obama administration, but those rules were put on hold when President Trump took office in 2017. Nearly two years later, the new rules are finally ready to go.
Is your company ready? If not, keep reading. Below is a discussion of some of the most important things you need to know about the new overtime rules.
Salary Basis Requirement
In a document highlighting how the new rules affect employers and …