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.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.