News outlets are reporting that the new salary basis rule will take effect on December 1, 2016, and require a salary of $47,476 per year ($913/week). Reports also indicate that the new rule will require an update of the salary threshold every three years, as opposed to annual increases. This effective date provides employers a
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DOL Expected To Issue Final Regulation Regarding Overtime Exemptions On Wednesday
By Noel P. Tripp on
Posted in Department of Labor, Exemptions
The Department of Labor is expected to issue its long-awaited Final Rule regarding the white collar exemptions on Wednesday, at an event in Ohio attended by Vice President Biden and Secretary Perez, Politico reports. It is expected the Final Rule will increase the salary level requirement for white collar exemptions to approximately $47,000, and…
Sources Reporting Salary Basis Threshold In Final Rule Lowered to $47,000
By Noel P. Tripp on
Posted in Department of Labor
Multiple sources are reporting that the DOL’s Final Rule regarding the exempt status salary basis threshold will set the minimum salary at approximately $47,000 per annum, rather than the previously-reported $50,440. While the Office of Management and Budget (OMB) is still reviewing the proposed rule, the rule may clear OMB within the next few weeks,…