Several news sources are reporting that the Department of Labor will announce its much anticipated overtime rules on Wednesday, May 18, 2016. The political pundits believe these final regulations will include a new salaried basis test of $47,500 ($913.46 per week). This amount is more than double the current threshold of $23,660. Currently, the speculation is that the “duties” test did not change.
Vice President Biden along with Labor Secretary Tom Perez and Senator Sherrod Brown are expected to announce these final regulations tomorrow (May 18) at an event in Columbus, Ohio.
Employers will likely have 60 days to comply with the new regulations. We will update with the final regulations after the announcement. Any employee who earns under the threshold will need to track hours worked and be paid overtime.