FLSA Overtime Resource Center
The U.S. Department of Labor announced revised regulations which affect the Fair Labor Standards Act (FLSA) overtime exemptions. The new regulations increase the salary threshold needed to qualify for overtime exemption from $455/week ($23,600 per year) to $913/week ($47,476/year).
- The rule extends overtime protections to 4.2 million workers who are not currently eligible under federal law.
- Workers who do not earn at least $47,476 a year ($913 a week) will have to be paid overtime, even if they’re classified as a manager or professional.
- As of November 23, 2016, the new DOL overtime regulations have been blocked from going into effect.
What you can do to comply with FLSA overtime changes
Track Employee Hours
As a result of this regulation, employers will need to start tracking their salaried employee’s hours who are below the $47,476 threshold. It’s critical that employers have accurate hourly data and a clear audit trail for when their employees have worked.
Solution: iSolved Time
The built-in reporting tool in iSolved can help. Our FLSA Exemption Threshold Report gives you a detailed list of all of your employees who currently fall beneath the new threshold. The report also shows whether the employee passes or fails the pay requirements under the new threshold, allowing you to see what employees require a change at a glance.
On the report, another column includes required pay change information for those who fail under the new requirement.
This feature helps companies visually see the financial impact that will occur as a result of raising the salaries of exempt employees so that they no longer fall beneath the updated threshold.
You also need an accurate time-tracking system so that you know exactly who is eligible for overtime pay under the updated FLSA regulations.
With iSolved, you can easily track the hours worked and monitor overtime for all of your employees. iSolved is also a cloud-based solution that handles it all, from payroll to onboarding, ACA compliance to human resources, and much more.
With iSolved, the new FLSA requirements are easy to meet, ensuring that your company stays in compliance.
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