New Overtime Regulations Are Official

The White House announced today that tomorrow (Wednesday), the Department of Law will finalize its new overtime regulations.  Under these regs, the salary basis test for overtime exclusions will rise from  $23,660 to $47,476 per year ($455/week to $921/week).  Importantly, this amount will be updated automatically every three years to match the 40th percentile of full-time salaried workers in the lowest income Census region.  Similarly, the "highly-compensated employee" threshold will rise from $100,000/year to $134,404/year, and will also be updated automatically, based on the 90th percentile.  You can see the final rule here and a fact sheet on the final rule here.

-Jeff Hirsch