Overtime Overhaul: Review Proposed Changes Now Before Final Rule Announced
Overtime rule expected to be costly
By Allen Smith 5/10/2016
As HR professionals wait anxiously for the release of the U.S. Department of Labor’s (DOL’s) final changes to the overtime exemptions, it’s becoming clear that the new rule will cost many employers a lot of money. But the revised standard also will create an opportunity for HR to correct some past mistakes.
Employers will spend $592.7 million to comply with the new rule, the DOL estimated, saying that each of the 7.4 million affected establishments will need one hour to get up to speed on the changes. The department calculated that it will cost $254.5 million for businesses to become familiar with the regulation; $160.1 million to make necessary adjustments; and $178.1 million in managerial costs… Read the rest