Credit unions are watching the Department of Labor closely these days because it may soon finalize new overtime rules that many in the industry said could trigger a wave of layoffs, job reclassifications and hiring freezes.
The proposed rules would increase the annual salary threshold for which employees are eligible for overtime pay from $23,660 to $50,440. Salaried workers with total annual compensation of at least $122,148 would generally be exempt from earning overtime if they regularly perform certain duties.
That could make millions of new workers eligible for overtime. In 2014, 8% of workers were eligible for it under the current salary threshold; that would jump to about 44% under the new rules, according to the Economic Policy Institute.
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