Following months of expectation, the U.S. Department of Labor (DOL) has finally updated the rules governing certain overtime exemptions and salaried workers. Effective December 1, 2016, the minimum salary required to be exempt from overtime requirements will effectively double, going from $23,660 to $47,476 — an increase expected to affect 4.2 million workers in the United States.
The DOL expects this change to cost employers nearly $1.8 billion in the first year alone.
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