{ "media_type": "text", "post_content": "What is this about OT labor laws that took effect on 12/1/16 resulting in Big 4 layoffs nationwide? Does anyone know a little more about this?", "post_id": "587edc8157413c0010c3e556", "reply_count": 10, "vote_count": 2, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting" }

What is this about OT labor laws that took effect on 12/1/16 resulting in Big 4 layoffs nationwide? Does anyone know a little more about this?

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Won't affect most any of us since even associates have higher salaries than the cutoff

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Of course, sounds like they'll just raise all staff salaries above that level with no other changes required.

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I mean, that's when the OT increase for salaried professionals became effective, but it's still under $50k (basically, if you're in a professional field and make over X in salary, you don't get paid OT). I don't think it would impact anyone in PA except maybe newer EAs?

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There is a second part to that in regards to salaries over 100,000

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https://www.dol.gov/whd/overtime/final2016/

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Lol..PwC2

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According to Fortune: "Starting Dec. 1, the salary threshold for overtime that’s been in place since 2004 will nearly double to $47,476, and it will continue to rise every three years per new regulations approved by the Department of Labor (DOL) in May. That means any employee who earns under that amount will be owed overtime, or time-and-a-half, for working more than 40 hours a week. The move is likely to increase wages and earnings for some 4.2 million workers, according to the DOL."

This is a direct link to the ira page with the information. https://www.dol.gov/WHD/overtime/final2016/faq.htm#1

It did not become effective. Federal court stopped it from being put into place. An injunction was issued until a hearing and the president is sworn in

http://www.npr.org/sections/thetwo-way/2016/12/01/504012412/obama-administration-appeals-judges-ruling-to-block-overtime-pay-rule

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