New Federal Overtime Rules
On May 18, 2016, the U.S. Department of Labor issued new rules amending, among other things, the minimum salary necessary to classify a full-time salaried employee as exempt from overtime rules. The new minimum salary is $47,476.00 annually ($913 weekly), up from the previous salary of $23,660.00 annually ($455 weekly). According to the U.S. Department of Labor, 4.2 million more Americans will qualify for overtime pay under the new rules. The new rules take effect on December 1, 2016.