Are You Ready for the New Overtime Exemption Rules?
The new salary requirements for overtime exemptions are expected to take effect in 2016. As reported in a previous legal update, the proposed final rule would more than double the salary level required for exemptions applicable to executive, administrative, or professional employees, from $455 per week ($23,660 per year) to $970 per week ($50,440 per year).
Employers are urged to review their payrolls with qualified employment counsel now, and to consider strategies to remain in compliance and keep costs in check. The new salary requirements do not have to result in drastically higher expenses or exposure, but could if appropriate steps are not taken. Please do not hesitate to contact one of our attorneys for guidance.