We’ve been expecting this particular overtime rule adjustment for over a year now. Finally, on May 18, President Obama published the final rule and officially increased the new minimum salary requirement. While the minimum has been lowered from a previously suggested $50,000+ annual pay to $47,476, this increase is still over twice the current effective minimum threshold to qualify as overtime-exempt. This change goes into effect on December 1, and could profoundly impact your employees’ compensation.
Here, then, are four basic questions from private-independent schools on how the new rule might affect the school community—as a supplement to advice from your school’s legal counsel, of course!
We hope your summer thus far has been both productive and comparatively relaxing. Relative quiet on campus means more opportunities to complete projects and prepare for September. Finally, you have the time to squeeze in a few helpful books on your reading list—and our Consultants have some suggestions to add to your “to be read” stack.