In 2023, the Department of Labor (DOL) is gearing up for a significant change in the Overtime threshold. As part of their anticipated update, the DOL plans to raise the exempt salary threshold from the current $684 per week to a more substantial $1,059 per week. This translates to an annual minimum income requirement of $55,068 for employees to be exempt from overtime pay. This announcement signals a notable shift in labor regulations that will impact various facets of employment law, such as federal minimum wage, white-collar exemptions, and the Fair Labor Standards Act. It's essential for professionals and stakeholders to stay informed about this development and be prepared to adapt to the changing compliance landscape. The proposal will undergo a 60-day public comment period after being published in the Federal Register, allowing stakeholders to provide input on this crucial change in the overtime threshold in 2023.
