Biden administration's new overtime rules take effect Monday

After the Biden administration issued new rules that allow many salaried workers to start collecting overtime, the Department of Labor is raising the minimum salary threshold for exempt employees from $35,568 per year to $43,888 per year on Monday. The threshold is a temporary one as it will go up to $58,656 on Jan. 1, 2025. Generally, employers must pay nonexempt workers their usual hourly wage plus 50% for all work beyond 40 hours in a week. The updated thresholds will mean that people making under $58,656 will be eligible...