The U.S. Department of Labor (DOL) released new proposed regulations on the salary threshold under the Fair Labor Standards Act (FLSA). The proposed regulations would increase the salary threshold for overtime pay by nearly 55% over the current level to $55,068 per year.
The U.S. Small Business Administration (SBA) announced that its Office of Advocacy is hosting virtual roundtables for small employers (including nonprofits) on September 26 and 27 (both are from 1-3 p.m.) to get input on the proposed DOL overtime rule. For more information, including details on how to RSVP for one of the roundtables, click the SBA’s announcement.
Nonprofits and others have until November 7 to submit public comments on the proposed rule. After DOL receives and reviews these comments, it could make some changes to the proposed regulations before issuing final regulations. The salary threshold in the final regulations be even higher than the level in the proposed regulations – possibly as high as $60,209 per year. The new salary threshold will likely take effect sometime in 2024.