Jun 29 2016 - Bruce Benesh, Partner-in-Charge, Compensation and Benefits Consulting; Global Mobility Services, Grant Thornton
On May 18, 2016, the Department of Labor (DOL) updated the Fair Labor Standards Act and expanded overtime eligibility for millions of American workers by increasing the minimum salary employers must pay workers to maintain their exempt status. The new minimum salary level outlined in the DOL's Final Rule equates to roughly $913 per week, or $47,476 per year—more than double the previous exemption threshold of $23,660.
The new rules will take effect December 1, 2016. How will they impact your family office...
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