They're Heeeeerrrre - New Proposed FLSA Overtime Regs

At long last, today is the day. President Obama will announce the new proposed overtime regulations. You can read the Notice of Proposed Rulemaking here.

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 . . . .