Sunday, July 17, 2016
Obama Administration changes over time rules to help millions
The Obama Administration agreed to raise the salary level for overtime pay. The change was released in a statement by the Department of Labor. The rule increases the threshold where workers are exempt from overtime pay regulations to $913 dollars per week or $47,476 dollars per year. The old threshold was $23, 600.
An estimated 4.2 million workers are effected. However as many as 2.5 million work less than 40 hours per week and would not be affected.
The new regulation becomes effective December 1st, 2016. Business have the option of either raising pay or limiting overtime hours.
You can read about the new regulation on the department of labor web-site. https://www.dol.gov/featured/overtime
The LA Times has an analysis of the change here.
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