Originally published on May 18, 2016 on Forbes by Jon Hartley and Liya Palagashvili
The Department of Labor has just finalized their new overtime regulations, an update to the Fair Labor Standards Act of 1938 that will raise the salary threshold under which workers will qualify for overtime pay to about $47,476 beginning December 1, 2016. Previously, only workers making under $23,600 were subject to mandatory overtime pay regulation where employers track employee hours and pay them time-and-a-half for every hour worked over 40 hours a week. The Obama White House estimates that approximately 5 million workers could be affected by the law, 39% of whom are millennials between the ages of 16 and 34.
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