Companies will pay more wages as new overtime rules go into effect Jan. 1
The new rule raises the threshold for entitlement to overtime pay to $35,568 in annual earnings from $23,660.
Companies will need to pay more in wages to comply, but the overall benefit to workers will be mixed. Companies are relieved that the threshold is lower than originally proposed. The threshold of $23,660 a year has been unchanged since 2004, when it was set by the Bush administration. The new rule "brings a commonsense approach that offers consistency and certainty for employers as well as clarity and prosperity for American workers," Patrick Pizzella, acting U.S. Secretary of Labor said in a statement in September.
T[he new rule] brings a commonsense approach that offers consistency and certainty for employers as well as clarity and prosperity for American worker."Not only is the federal government increasing overtime level, but many states are raising their salary levels, so you have to think about your labor costs and what makes the most sense for your business," said Schreter.
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