Department of Labor Releases Rule Regarding Overtime Pay
COLUMBUS, Ohio — The U.S. Department of Labor (DOL) has finalized controversial regulations updating the annual salary threshold that generally determines who qualifies for overtime pay when they log more than 40 hours a week.
The new requirements will raise the minimum salary that an overtime exempt employee may earn from $23,660 to $47,476 ($913/week) and establish an effective date of Dec. 1, 2016. Additionally, the salary level will be automatically updated and increased every three years. It is expected that the salary will be $51,000 per year on Jan. 1, 2020.