It's official - New DOL overtime rule is here!

The U.S. Department of Labor Wage & Hour Division published the final rule for the new overtime regulations today. Some links:

Not official use.

• DOL update page (with additional links and information);
• Final Rule; and
• Fact Sheet.

Some highlights:

• raising the “standard salary level” from the currently enforced level of $455 per week to $684 per week (equivalent to $35,568 per year for a full-year worker); 

• raising the total annual compensation requirement for “highly compensated employees” from the currently enforced level of $100,000 per year to $107,432 per year; and

• allowing employers to use nondiscretionary bonuses and incentive payments (including commissions) paid at least annually to satisfy up to 10% of the standard salary level, in recognition of evolving pay practices.

Effective date: January 1, 2020.