DOL Expected To Publish Final Overtime Change Within Ninety Days Now
As reported here previously, the U.S. Department of Labor (DOL) has proposed amending the regulations under the Fair Labor Standards Act (FLSA) to increase the minimum salary for employees to qualify for the executive, administrative, or professional overtime exemptions from $455 per week up to $970 per week ($50,440 per year), among other changes to the overtime requirements. On March 15, 2016, the DOL took the next step towards finalizing the changes by forwarding the final rule to the Office of Management and Budget (OMB), which has up to ninety days for its review. Employers should begin planning for the changes, even though the actual timing of the effective date of the changes remains undecided. OMB could complete its review in less than ninety days, seek more time, or send the final rule back to the DOL for further consideration. After OMB’s review is complete, the DOL is expected to give employers time to comply with the new rule before it is effective.