This will take me some time to read through. After reading the executive summary, the main thrust is raising the minimum salary requirement for certain FLSA overtime exemptions:
Under the current regulations, an executive, administrative, or professional employee must be paid at least $455 per week ($23,660 per year for a full-year worker) in order to come within the standard exemption . . . . In order to maintain the effectiveness of the salary level test, the Department proposes to set the standard salary level equal to the 40th percentile of earnings for full-time salaried workers ($921 per week, or $47,892 annually for a full-year worker, in 2013).Two things stick out: (1) That's a huge increase!; and (2) It's not a specific number - instead it's tied to the 40th percentile of earnings, so it will (presumably) increase over time. The administration estimates that an additional 5.1-5.6 million people will be affected by the change in the next 10 years.
You can find additional resources here, including:
- Notice of Proposed Rulemaking (PDF)
- Overtime Resources
- A Hard Day's Work Deserves a Fair Day's Pay (Huffington Post)
- Frequently Asked Questions (PDF)
- Fact Sheet on Proposed Rule (PDF)
I'm sure I'll have some more thoughts after I dig a little deeper, so stay tuned . . . .