DOL Proposed Changes to Overtime Regulations
October 1, 2015 | Authored by Dopkins Assurance Services Group
Under the current regulations, employees with pre-determined and fixed salaries above a threshold of $455 per week or $23,660 annually and who meet certain job duties are exempt from overtime pay requirements.
The proposed changes increase this exempt level to the 40th percentile of earnings for full-time salaried workers ($921 per week or $47,892 annually, in 2013*) and the threshold for a highly compensated employee from $100,000 in total annual compensation to the 90th percentile of earnings for full-time salaried workers ($122,148 annually, in 2013*). Both of these thresholds would be adjusted annually.
What does this mean to you and/or your workforce? P
*The Department relied upon 2013 data in the development of the proposed change. The Department will update the data used in the Final Rule resulting from this proposal, which will change the dollar figures.
About the Author
Dopkins Assurance Services Group
Dopkins offers a full range of assurance services that can help improve your financial accuracy. From financial report preparation and audits of historical financial statements to preparation of an array of special attestation reports—we can help translate numbers into accurate management information so you can make knowledgeable decisions. For more information, contact Bart McGloin, CPA, CFE, CFF at bmcgloin@dopkins.com.
