Last year, the Department of Labor (DOL) announced a proposed regulation to increase the minimum salary threshold for salaried exempt workers from $23,000 to approximately $50,000 and to index the amount to inflation. Understandably, this proposal to double the required salary for overtime exemption was met with great resistance and comment by employers across the country. Many companies have been waiting with baited breath to see what the final proposal will entail, and when it will become effective.
On Tuesday, March 15, 2016, DOL sent its final regulations to the Office of Management and Budget, which is the final step before the rules are announced to the public and become effective. Although DOL officials had publicly announced that the rules would be issued sometime in July of this year, it now looks like that timetable could be pushed up, with the final rules being issued in May or June.