A panel of experts spoke to local business owners and managers today about a new overtime rule that could significantly affect their bottom line. Under the federal law, it will be illegal to not pay overtime to employees who make a salary of less than $47,476 a year. Currently, the threshold is only around $23,660.
"So the big thing is that a business really needs to address this now and put a plan in place for how they're going to implement it and whether they're going to change somebody's pay or whether they're going to change them to hourly, but they really need to start addressing it now."
The new overtime rule takes effect December 1st.