The U.S. Department of Labor recently announced new rules that would make an additional 1.3 million American workers eligible to receive overtime pay. These new rules have left many small to mid-sized businesses, who will bear much of these costs, reeling. The more you know about these new rules and what they mean for your business, the better you can manage the new overtime pay rule changes. Here\u2019s what you need to know about the overtime pay rule changes and how they might affect your business.<\/p>\n
What do the New Overtime Pay Rules Offer?<\/strong><\/p>\n The first thing businesses need to understand is what these new rules mean for them. The big takeaway for employers and employees alike who may have been salaried before is that the new rules increase the standard salary levels.<\/p>\n <\/p>\n With the new \u201cstandard salary level\u201d employers must pay overtime wages to employees earning up to $684 per week or $35,568 annually. This is an increase from $455 per week or $23,660 annually. This means more people actually qualify for overtime pay. There are also other changes for \u201chighly compensated employees,\u201d but most small businesses aren\u2019t overly concerned about those rule changes.<\/p>\n For small to medium-sized businesses who employ people earning these wages, it means more overtime pay may be required.<\/p>\n