Millions of salaried workers will soon qualify for overtime pay under a final rule released by the US Department of Labor on Tuesday.
The new rule raises the salary threshold under which salaried employees are eligible for overtime in two stages. The threshold will increase to the equivalent of an annual salary of $43,888, or $844 a week, starting July 1, and then to $58,656, or $1,128 a week, on January 1, 2025. About 4 million more workers will qualify for overtime when the rule is fully implemented in January, the agency estimates. In its first year, the rule is expected to result in an income transfer of about $1.
“I suspect that such substantial increases may be a particular burden for many smaller businesses, forcing some to choose between cutting jobs and raising prices,” said Ted Hollis, a partner at Quarles & Brady, a law firm. “Some businesses that cannot do either may be forced to close, resulting in unintended but predictable side effects of this government action.
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