September 15, 2015Back
The Ins and Outs of the Overtime Change
On July 6, the Department of Labor announced a proposed rule regarding overtime. While the potential impacts on the workers' compensation industry are yet to be determined, here's what you need to know now.
What You Need to Know
- The proposed rule will extend overtime protections to almost 5 million Americans within the first year of implementation.
- Overtime pay will be extended next year to employees earning a minimum salary of $921 per week ($47,892 annual salary).
- Another proposed change is to increase the salary each year.
- Only 8% of full-time salaried workers fall below the previously updated salary level of $23,660, which was updated under the Bush administration.
For more information, visit the United States Department of Labor website.