The U.S. Department of Labor announced a final rule on Tuesday that will revise regulations issued under the Fair Labor Standards Act to ensure overtime pay for some salaried and highly compensated employees. Critics say the rule could prove a significant burden for brokers operating small businesses.
Starting July 1, 2024, salaried employees making less than $844 per week – equivalent to $43,888 per year – will become eligible for overtime. On Jan. 1, 2025, the threshold to receive overtime pay...