Accounts receivable management industry companies may want to begin reviewing overtime and scheduling policies as a new overtime rule took effect Jan. 1, 2020.

The new rule, which makes 1.3 million workers eligible for overtime pay, raises the “standard salary level” from the currently enforced level of $455 per week to $684 per week (equivalent to $35,568 per year for a full-year worker), according to a news release from the Department of Labor.

Additional changes in the new rule include:

  • “Raising the total annual compensation requirement for “highly compensated employees” from the currently enforced level of $100,000 per year to $107,432 per year;
  • Allowing employers to use nondiscretionary bonuses and incentive payments (including commissions) paid at least annually to satisfy up to 10% of the standard salary level, in recognition of evolving pay practices; and;
  • Revising the special salary levels for workers in U.S. territories and the motion picture industry.”

Tips for abiding by the rule changes are available through the Department of Labor’s Small Entity Compliance Guide, accessible here: https://tinyurl.com/y366mrmv

Additional information may be obtained by accessing the U.S. Department