Under the new rule, the "standard salary level" has been raised from the currently enforced level of $455 to $684 per week (equivalent to $35,568 per year for a full-year worker). (Photo: Mike Scarcella/ALM)
The Department of Labor has announced a final rule that it says will make 1.3 million workers eligible for overtime pay under the Fair Labor Standards Act.
The rule, according to the DOL, updates overtime regulations with new earnings thresholds "necessary to exempt executive, administrative, or professional employees from the FLSA's minimum wage and overtime pay requirements, and allows employers to count a portion of certain bonuses (and commissions) towards meeting the salary level."
"Today's rule is a thoughtful product informed by public comment, listening sessions, and long-standing calculations," said Wage and Hour Division administrator Cheryl Stanton. "The Wage and Hour Division now turns to help employers comply and ensure that workers will be receiving their overtime pay."
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
