The Dept. of Labor has implemented new rules related to overtime. These rules will go into effect on January 1, 2020. In the final rule, the Department is:
- Raising the “standard salary level” from the currently enforced level of $455 per week to $684 per week (equivalent to $35,568 per year for a full-year worker).
- Raising the total annual compensation requirement for “highly compensated employees” from the currently enforced level of $100,000 per year to $107,432 per year.
- Allowing employers to use non-discretionary bonuses and incentive payments (including commissions) paid at least annually to satisfy up to 10% of the standard salary level, in recognition of evolving pay practices.
- Revising the special salary levels for workers in U.S. territories and the motion picture industry.
So, what does all this mean for your business? Give us a call at 305-517-3977 and we’ll discuss it with you as it applies to your set of circumstances.