On December 1st, the new overtime rule goes into effect making the minimum salary $913 per week or $47,476 per year. This rule limits employees from being put on salary to avoid paying overtime and sets the minimum salary for management.
The Department of Labor offers these options:
- Pay time and a half for time over 40 hours in a pay week
- Raise salaries above the minimum
- Limit hourly workers to 40 hours per week
- or some combination of the above
This new rule provides updates to the minimum every three years.