The Department of Labor’s (DOL) final overtime rule, announced two weeks ago, raises the salary threshold to qualify for overtime from $23,660 to $47,476, affecting 4.2 million Americans. The salary threshold was last raised in 2004, and the recent ruling marks the first time overtime eligibility has been raised so drastically. Another first is the rule’s provision to automatically update the threshold every three years, so employers will need to adopt a solid financial plan to accommodate these overtime changes.
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