May 20, 2016
President Obama, declaring that “Americans have spent too long working more and getting less in return,” ordered the Labor Department to revise federal rules on overtime pay for salaried workers that log more than 40 hours a week. The long-awaited rule change will extend overtime pay to an estimated 4.2M workers.
Under current federal regulations, only salaried employees who make no more than $455 a week, or $23,660 a year, are guaranteed to receive overtime after working more than 40 hours a week. The new rules would raise that threshold to $913 a week, or $47,476 a year, giving salaried workers who are higher up the income scale the ability to work less or earn more for long hours.
The ruling also establishes a mechanism for automatically updating the salary and compensation levels every three years.
You can find detailed information on this new ruling on the United States Department of Labor website: https://www.dol.gov/whd/overtime/final2016/index.htm
Please feel free to contact our office if you have questions.
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We can all get caught up in the day…meetings, calls, texts, emails and the myriad of other workday demands that pile up quickly and can create unwanted stress.
Kevin Tomas is a CPA – Senior Manager at Greene Finney, LLP. He specializes in managing and supervising back office support system (BOSS) and his specialty lies in working with government and nonprofit entities. Kevin went to Bob Jones University and graduated in 2004 with a Bachelor's of Science degree in Accounting. When he’s not working in the office, Kevin enjoys spending time with his family and hiking. Here are some other interesting thoughts and experiences he’s shared to introduce himself on a more personal level.
Labor Day is upon us—a popular holiday that is dedicated to the millions of women and men who keep this country going strong. For many, it also means that it’s time to break out the grill for that big end-of-summer celebration. And because most of us aren’t Grill Masters, this is a good time for a refresh on some basic grilling safety tips to keep everyone safe and the party going.
