Proposed Changes to the FLSA Overtime Regulations and the Actions Financial Institutions Should Take

Financial Institutions

September 01, 2015
by Julia Johnson

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Julia Johnson Julia Johnson
Senior Manager, Human Resource Consulting

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By now, most financial institutions are likely aware that changes to white collar overtime exemption standards under the Fair Labor Standards Act (FLSA) are afoot!
 
The beginnings of these changes date back to March 13, 2014, when President Obama issued a memorandum to the Secretary of Labor indicating that the “regulations regarding exemptions from the Act’s overtime requirement, particularly for executive, administrative, and professional employees (often referred to as the “white collar” exemptions) have not kept up with our modern economy.  Because these regulations are outdated, millions of Americans lack the protections of overtime and even the right to the minimum wage.” President Obama then issued a Presidential Directive to “propose revisions to modernize and streamline the existing overtime regulations.”

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