On August 30, 2023, the U.S. Department of Labor (DOL) announced a proposed overtime rule that would raise the weekly salary limit under the Federal Labor Standards Act (FLSA) from $684 to $1,059, which equals a little more than $55,000 per year. The proposed changes would also increase the annual salary threshold for highly compensated workers from $107,432 to $143,988. If these changes become law, it would extend overtime protections to nearly 3.6 million salaried employees.
The Department’s 60-day comment period expired November 7, 2023. Paycor is closely monitoring the proposal and will provide updates as new information becomes available.
Free Webinar: Understanding and Preparing for Proposed Overtime Changes
Overtime regulation by the DOL is one of the most watched compliance issues by employers, and for good reason: Misclassifying employees or underpaying overtime wages can result in enormous financial consequences for a business.
If you’re struggling to understand general overtime pay requirements and don’t know which areas to stay updated on, don’t worry—we’ve got you covered. The easiest place to start is to make sure you’re properly classifying your employees.
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