As Dec. 1, the day the Department of Labor's overtime rule goes into effect, draws closer, "more than 400 business groups are seeking congressional action to postpone implementation of the rule," the NAHB reports.
The rule seeks to increase the overtime salary limit from $23,660 to $47,476. Both the House and the Senate have introduced legislation that would delay the rule's effect. The House's bill (H.R. 5813) will steadily increase the salary limit over a period of four years. The Senate's bill (S.3464) will increase the salary limits incrementally over a period of five years. NAHB supports the efforts made by Congress to delay the overtime rule:
Working with House and Senate lawmakers and members of our business coalition, NAHB has been spearheading this effort to delay DOL’s rule from taking effect on Dec. 1. Such a huge jump in the overtime threshold in such a short period of time could actually hurt a significant number of the workers the rule was meant to help. Many small business owners would be forced to scale back on pay and benefits, as well as cut workers’ hours.
What are you doing to prepare for the overtime rule? Tell us in the comments below.