New Overtime Pay Laws

New Overtime Pay Laws

The number of workers that will be affected by new rule. The number of workers that will be affected by new rule.

July 21, 2016

The Department of Labor has issued a new overtime rule, which states that if an employee is making less than $921.00 per week on salary and is working more than 40-hours a week, their employer will have to pay them for overtime. Employers have options in ways to respond to this rule. Employers can pay time and a half for overtime, raise salaries above $912.00/week, limit workers' hours to 40-hours per week, or can do a combination of the three. This rule will affect 4.2 million employees once it is enacted on December 1, 2016. 

Paul Neiffer, an Agriculture Accounting Expert from CliftonLarsonAllen LLP, said that this is the beginning of more rules that apply to the ag community. "The Department of Labor is going to add more regulation to farmers," he said. 

Over time, this rule will update every three years to accommodate changes in the economy, therefore increasing the minimum salary. 

Neiffer will be a regular guest on Market Day Report. You can look for his expert advice every Thursday at 9 AM.

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