Overtime Changes are Coming

by | Nov 5, 2014 | Tax and Accounting Desk

Heads up for business owners to expect a change in compensation rules that could really affect the bottom line.

Earlier this year, 2014, President Obama directed the Department of Labor (DOL) to modernize existing overtime regulations. He noted the current $455 per week threshold for overtime entitlement is outdated. In the past 40 years, numbers have been updated twice.

The DOL was hoping to have proposed regulations out in November 2014, but according to Solicitor of Labor, M. Patricia Smith, proposals are months away. They are hoping for early 2015.

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