As I’m sure many of you have heard already last week, the new overtime law has finally been finalized. There is a LOT of information floating around about the details of the law and how it may or may not effect employees and employers, so I thought to myself, “Self. Can you communicate more succinctly what matters in all this?”
And yes, yes I can.
Employees who are currently considered “salary exempt” and are not tracking hours/being paid overtime for hours worked over 40/workweek need to be paid at least $47,476 annually to stay that way (starting December 1, 2016).
From there, you get into all sorts of things about different ways you can remain in compliance, and the DOL has really great resources you can take advantage of if you’d like to dig into the details. (I found the “Additional Information” section especially helpful.)
As always, we’re here to help! If you need assistance running reports related to your employee compensation levels as you prepare for the changes, would like information on time and attendance tracking solutions, or have other questions, please contact our service team via customerservice@dominionpayroll.com.
