September 1, 2023
(press release)
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Today, the U.S. Department of Labor announced a notice of proposed rulemaking that would require overtime pay for most salaried workers earning less than $55,068 per year ($1,059 per week), a 55% increase from the current threshold of $35,568 for mandatory overtime pay. The proposed rule would also automatically update this threshold every three years with increases that are tied to the 35th percentile of weekly earnings of full-time non-hourly workers in the lowest-wage Census Region (currently the South). Furthermore, the proposed rule would update the earnings threshold for the highly compensated employee (HCE) exemption to $143,988, linking it to the annualized weekly earnings of the 85th percentile of full-time salaried workers nationally. The Small Business Administration’s (SBA) Office of Advocacy will be hosting a Small Business Roundtable on the proposed rule, with a date yet to be determined, and NLBMDA will be submitting formal comments on behalf of the LBM industry in opposition to the new regulations. Once published in the Federal Register, the notice of proposed rulemaking will be open for public comment for 60 days and NLBMDA members are also encouraged to submit their own responses as individual voices of the small business community. NLBMDA is also collecting input from LBM dealers about the impact that changes to the overtime rule could have on employers and their employees. Please respond to the following survey, which will be used to directly support advocacy efforts against the new threshold for mandatory overtime pay. For questions, please contact NLBMDA at membersupport@dealer.org.
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