18 May Must Read: New Overtime Rules

Today the U.S. Department of Labor will finalize changes to rules on overtime pay for exempt "white collar" salaried workers.Currently, the salary threshold for overtime eligibility for exempt "white collar" salaried workers is $23,660 per year ($455/week). The new rule will require overtime pay for those employees who makes less than $47,476 per year ($913/week), meaning that the employee must be paid  time and a half for hours worked over 40 each week. The Department of Labor states this will cover 4.2 million more employees, totaling about 35% of salaried workers.This means that any exempt "white collar" salaried employee earning less than the new threshold amount of $47,476 per year must be paid overtime for all hours over 40 in a week, effective December 1, 2016.