FLSA Overtime Rule Change- Lunch and Learn
Date and Time
Monday Aug 8, 2016
12:00 PM - 1:00 PM CDT
Monday, August 8th from Noon till 1:00 pm
Brought to you by Naught– Naught Insurance Agency
Location
510 Market Street
Fulton, MO 65251
Fees/Admission
Free
Contact Information
Tamara Fitzpatrick
Send Email
Description
FLSA Overtime Rule Change:
On May 18, 2016, the Department of Labor (DOL released a new rule overhauling overtime wage payment in the United States. The new rule will more than double the salary threshold that employees must meet to qualify for overtime pay.
Under the new rule, the salary threshold will increase from $23,660 to $47,476 per year. It also increases the salary threshold for highly compensated individuals from $100,000 to $134,000 per year. The salary threshold will be updated every three years.
The new rule could affect more than 4 million workers in the United States. According to estimates from the DOL, employers will spend more than $592 million to comply with the new rule. Employers who fail to implement overtime changes could be subject to lawsuits, criminal charges, fines and restrictions in commerce.
When do I have to comply?
Employers have until Dec. 1, 2016 to comply with this new rule. Delaying preparation efforts could result in headaches down the road and costly penalties.
