May 25, 2016

How to take advantage of the new overtime rules

How to take advantage of the new overtime rules If you’re a salaried employee, you could be getting a pay raise thanks to new law set to go into effect in December of this year. The Department of Labor recently bumped the threshold for overtime pay. Let’s take a look at those changes and see what you can do to take advantage of them. The new law sets the base salary for exempt employees at $47,476…an increase of $23,816. Before an employer could keep from paying overtime if the salaried employee made $455 a week, now that number is $913. That means employers will either have to increase salaries, start paying overtime if a salaried worker is under this mark or make sure employees don’t go over 40 hours. With these new rules you may be entitled to a bigger paycheck… either with a salary increase or overtime hours, meaning more money in your pocket. If that’s the case, here’s a few ways to take advantage of the extra income. Shore up your emergency fund. If you don’t already have three to six months of living expenses set aside, do it now. Pay down unsecured debt. You’ll have a surplus of funds if […]