Proposed Overtime Rule Changes
On August 30, 2023, the U.S. Department of Labor announced a proposed overtime rule that would raise the weekly salary threshold under the Federal Labor Standards Act (FLSA) from $684 to $1,059. That equals around $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 the new law is passed, it would extend overtime protections to nearly 3.6 million salaried employees. The DOL has a 60-day comment period that expires November 7, 2023, before publishing a final rule. Paycor is keeping an eye on the proposed changes and will provide updates when new information is available.
As your organization considers how to prepare and comply, we’ve created this guide which outlines proposed changes, provides tips to manage impacted employees, and offers a checklist of key details to follow to mitigate risk. Fill out the form above to get your copy of the guide.