Overnight, you may have seen in the news that President Obama will be signing into law new Overtime Regulations under the Fair Labor and Standards Act (FLSA) today. The FLSA, in addition to many other things, outlines overtime regulations.
What does this mean for you? If you are currently exempt from earning overtime payments – which is typically 1.5 times your hourly rate for any hours worked over 40 hours per week, you may now be eligible – if your current salary is less than $47,476.
But before you head out to buy those new Louboutins with your extra overtime dollars, please note that this law is not effective until December 1, 2016. This time gives your employer the opportunity to assess their current compensation strategy. Maybe they don’t need you to work those extra hours you’ve been putting in over 40 per week, and they’ll implement a no overtime rule, or perhaps they’ll bump your salary up to the $47,476 threshold, or pay the overtime. This change may have an enormous impact on your employer, and they will have to make adjustments.
This brief post details only a portion of the FLSA and the key provisions of the final rule. If you are interested in learning more about the new FLSA Overtime Regulations, pop over to the DOL website for more information.
Overtime updates will extend protections to 4.2 million workers across the country. *Infographic courtesy of http://www.dol.gov/featured/overtime.