Over the past year we witnessed a number of dramatic changes to existing labor and employment laws which have already affected employers, regardless of size, throughout the United States. Advisers should prepare businesses for 2017 by highlighting these employment-related developments which will likely have the most significant and immediate impact in the New Year.
1) Changes to overtime laws. On May 18, 2016, the U.S. Department of Labor issued its final changes to the overtime exemption rules under the Fair Labor Standards Act. The final rule, which was initially scheduled to go into effect in December 2016, more than doubled the minimum salary threshold for exempt employees, requiring them to be paid at least $913 per week ($47,476 annually). In addition, the Department of Labor announced an increase to the annual minimum salary for “highly compensated” exempt employees from $100,000 to $134,004.
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