After much anticipation, the U.S. Department of Labor unveiled sweeping changes to the Fair Labor Standards Act (FLSA) overtime rules this week.
These regulations -- which haven’t been updated in over a decade -- are estimated to make nearly 4.2 million current workers eligible for overtime pay. The new rules double the minimum salary required to be earned to be considered exempt from overtime requirements to $913 per week or $47,476 annually for salaried employees. They also increase the salary threshold of highly compensated employees from $100,000 per year to $134,004 per year.
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