ABA today wrote to Rep. Kurt Schrader (D-Ore.) in support of his Overtime Reform and Enhancement Act, which would provide a gradual, three-year phase-in for the Department of Labor’s controversial overtime rule.
ABA today wrote to the House Small Business Committee urging Congress to block the Department of Labor’s final overtime rule from taking effect.
ABA has posted a members-0nly staff analysis of the Department of Labor’s final overtime rule, which changes the tests for determining which employees are exempt from overtime pay under the Fair Labor Standards Act. The analysis summarizes the rule changes, which take effect Dec. 1, and suggests next steps to help banks implement them. The overtime
The Department of Labor is today releasing its final rule doubling the salary level used to determine whether employees are classified as exempt from overtime under the Fair Labor Standards Act.
Converting an employee from exempt to nonexempt status is never easy. But reclassifications will be inevitable in almost every organization.
The Labor Department’s proposal redefining which employees are eligible for overtime eviscerates the longstanding “duties test” and fails to address the significant differences in wage rates and costs of living across the country, ABA said in an extensive comment letter Friday. “The proposal would transform the salary level from its historical role as a screening
Three ABA member banks in Louisiana participated in a Small Business Administration roundtable on the Department of Labor’s proposal to increase to $50,440 the threshold required for employees to be exempt from overtime payments under the Fair Labor Standards Act.
As part of the Partnership to Protect Workplace Opportunity, ABA and other trade associations representing employers have urged the Department of Labor to extend by 60 days the comment period on its controversial overtime proposal, which would more than double the salary level required for the exemption from overtime requirements.
ABA is seeking banker input on how the Department of Labor’s controversial overtime proposal — which would more than double the current salary necessary for employees to be exempt from overtime and will affect most banks in the country — would affect their banks.
On July 16, Karen Glenn — president and CEO of First United Bank and Trust Company, Madisonville, Ky., and member of ABA’s Community Bankers Council — participated in a roundtable hosted by the Small Business Administration on the Department of Labor’s overtime proposal.