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DOL issues proposal expanding overtime pay eligibility

August 31, 2023

The Department of Labor issued a proposal this week to extend overtime to certain salaried workers. The proposed rule would guarantee overtime pay for most salaried workers earning less than $1,059 per week, $56,068 annually for a full-time worker.

The proposal will apply to credit unions, and CUNA is currently analyzing the proposal for potential impacts. CUNA will also engage with the Department of Labor on how credit unions and the agency can work together.

It would also increase the highly compensated employee total annual compensation threshold to  $143,988, the annualized weekly earnings of the 85th percentile of full-time salaried workers nationally and add to the regulations an automatic updating mechanism that would allow for updating of all earnings thresholds.

Comments on the proposal will be due within 60 days of its publication in the Federal Register.