$47,500 is the new minimum annual salary level ($914/week) for the white collar overtime exemption, according to an announcement [expected later] this week by the Department of Labor. This more than doubles the current minimum of $455/week. The effective date for this new requirement is December 1, 2016.

According to reports, the DOL is not, however, making any changes to the duties tests associated with the Executive, Administrative, or Professional exemptions.

Expect an announcement soon about a webinar that will go into more detail, after the Final Rule is published.

Here are at least five options for companies to consider:

1. Increase salary level to maintain the exemption (and not worry about overtime).
2. Divide current salary by 40 hours and switch to hourly (and worry about overtime).
3. Convert from salaried to hourly based on actual hours worked, so the net cost is the same (requires reliable information about hours worked and final pay will vary with hours worked).
4. Convert from salaried exempt to salaried non-exempt, and pay overtime for excess hours.
5. Fluctuating Work Week: Salary is for all hours worked, including overtime (special rules apply).