The Department of Labor has given the green light to a regulation that will extend overtime access to salaried workers.
As of July 1, 2024, those earning less than $43,888 annually will be eligible for overtime. By January 1, 2025, this threshold will rise to $58,656. The rule will be updated every three years according to new wage data. Acting Secretary Julie Su emphasized that the goal of the rule is to ensure fair compensation for employees working more than 40 hours a week. However, it may lead to increased costs for businesses and may face legal challenges.
The new overtime rule aims to provide additional protections for lower-paid salaried workers and to better identify those not entitled to overtime pay. It also ensures that non-exempt employees receive time-and-a-half pay for extra work. Legal experts are concerned about the potential impact on businesses, as it could cover millions of workers who previously did not qualify for overtime. Small business groups have voiced opposition to the rule, citing the difficulties of federal regulations and the potential economic impact on small businesses. This final rule follows a proposal from September 2023, which received over 33,000 comments from the public.
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