WASHINGTON—Like other employers, credit unions are paying attention to a new Department of Labor proposal that seeks to extend overtime to certain salaried workers.
The proposed rule would guarantee overtime pay for most salaried workers earning less than $1,059 per week, $56,068 annually for a full-time workers.
“The proposal will apply to credit unions, and CUNA is currently analyzing the proposal for potential impacts,” the trade group said, adding it plans to “engage” with the Department of Labor on how credit unions and the agency can work together.
Additional Increase
Released in late August, the DoL proposal would also increase the “highly compensated” employee total annual compensation threshold to $143,988, the annualized weekly earnings of the 85th percentile of full-time salaried workers nationally and add to the regulations an automatic updating mechanism that would allow for updating of all earnings thresholds.
Comments on the proposal will be due within 60 days of its publication in the Federal Register.
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