New overtime rules will be announced today by the U.S. Department of Labor and will become effective on December 1, 2016. These new rules will affect salaried workers and will more than double the amount that a salaried worker must be paid in order to be exempt from overtime pay requirements.
At present, a salaried employee must be paid at least $23,660 annually (in addition to meeting the other factors) in order to be exempt from overtime pay requirements. Based on a 40 hour workweek this comes to $11.38 per hour. The new rule, which will become effective on December 1, 2016, increases the amount by more than double to 47,476, which comes to $22.83 per hour based on a 40 hour workweek. The new rule is expected to make over 4 million workers and employees eligible for overtime pay.
Read further: White House Increases Overtime Eligibility by Millions, Millions More Workers Would be Eligible for Overtime.