Client Alert
On June 30, 2015, the Wage and Hour Division of the Department of Labor released a Notice of Proposed Rulemaking that overhauls the Fair Labor Standards Act’s overtime regulations. The new changes are a result of a mandate from President Obama, who on March 13, 2014, signed a Presidential Memorandum directing the Department to update the regulations defining which white collar workers are protected by the FLSA’s minimum wage and overtime standards. With changes that will likely result in over a billion dollars in extra overtime paid nationwide, this NPRM is extremely salient for employers, especially those in the financial services industry.
