Frederick S. Lamb's painting of William Penn at the Brooklyn Museum. William Penn (14 October 1644 â 30 July 1718) was the son of Sir William Penn, and was an English real estate entrepreneur, philosopher, early Quaker, and founder of the Province of Pennsylvania, the English North American colony and the future Commonwealth of Pennsylvania.
The final rule also contains significant changes that reflect the extensive public comments on the proposed rule received by the DOL. Read our in-depth analysis about the final rule. Effective Date: June 7, 2016 (60 days after the scheduled Federal Register publication date of April 8)
Since President Obama first directed the U.S. Department of Labor (DOL) to update the Fair Labor Standards Act (FLSA) regulations in 2014, we have been waiting to see what DOL would do and when it would do it. Finally, on May 17, 2016, DOL issued its final regulations. They will go into effect on December 1, 2016. Under the new regulations, any employee who is paid less than $47,476 per year will be entitled to overtime pay. This change will have a major impact on your overtime pay obligations. You should review your current policies and procedures now to prepare for timely compliance, and to limit the cost impact of the new regulations.