FLSA Final Overtime Rule – General Summary
Welcome to Landed, your ultimate resource for all things related to the FLSA Final Overtime Rule. In this general summary, we provide detailed information about the rule and its implications for the business and consumer services - real estate industry.
Introduction to the FLSA Final Overtime Rule
The FLSA Final Overtime Rule, also known as the Fair Labor Standards Act Final Overtime Rule, is a regulation implemented by the U.S. Department of Labor (DOL) that determines which employees are eligible for overtime pay. The rule primarily focuses on increasing the salary threshold for employees exempt from overtime pay under the white-collar exemptions.
These white-collar exemptions include the executive, administrative, and professional exemptions, which determine whether an employee is eligible for overtime compensation based on their job duties and salary level.
Key Changes and Implications
The updated FLSA Final Overtime Rule, announced on September 24, 2019, made significant changes to the previous regulations. Here are the key changes and their implications:
Increase in Salary Threshold
Previously, employees earning below $23,660 annually ($455 per week) were automatically eligible for overtime pay. The new rule raises the threshold to $35,568 annually ($684 per week). This change extends overtime pay eligibility to a greater number of employees.
Employers must review their employees' salaries and job duties to ensure compliance with the new threshold. Those employees who fall below the threshold may be eligible for overtime pay, regardless of their job duties.
No Changes to Job Duties Test
It's important to note that while the salary threshold has increased, there have been no significant changes to the job duties test. Employees not meeting the criteria for the executive, administrative, or professional exemptions are still entitled to overtime pay, regardless of their salary level.
Impacts on the Business and Consumer Services - Real Estate Industry
The FLSA Final Overtime Rule has specific implications for the business and consumer services - real estate industry. Many employees in this sector, including real estate agents and property managers, may be affected by the revised regulations.
Real estate professionals who earn below the new salary threshold and do not meet the criteria for the white-collar exemptions will now be eligible for overtime pay. This change will have a financial impact on both employees and employers in the industry.
It is crucial for businesses and employers in the business and consumer services - real estate industry to understand and comply with the revised FLSA Final Overtime Rule to avoid potential legal issues and ensure fair compensation for their employees.
How Landed Can Help
Landed is dedicated to providing comprehensive information and resources to help businesses and employees navigate the complexities of the FLSA Final Overtime Rule.
Our team of experts keeps up-to-date with the latest regulations and provides valuable insights into the implications of the rule, specifically for the business and consumer services - real estate industry.
Through our in-depth articles, guides, and tools, we aim to empower employers and employees by offering practical guidance on how to comply with the FLSA Final Overtime Rule and optimize your workforce management.
Conclusion
The FLSA Final Overtime Rule is an important regulation that affects the business and consumer services - real estate industry. Understanding the changes and implications of the rule is crucial for employers and employees in the sector.
Landed is here to help you navigate the intricacies of the FLSA Final Overtime Rule, providing you with the knowledge and resources needed to comply with the regulations and ensure fair compensation for all affected employees.
