Tuesday, September 24, 2019

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.
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. 

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