The U.S. Department of Labor issued new overtime regulations that more than doubled the minimum salary requirements to exempt white-collar workers from being paid overtime. Undoubtedly, this change will have an impact on the South Florida economy. The DOL estimates that approximately 4.2 million workers, including 331,000 in Florida, will be covered by the changed regulations.
While many employers in South Florida will be affected, it is anticipated that the retail and hospitality industries, which are vital to the South Florida economy (approximately 320,000 people in South Florida work in this space), will be particularly impacted because these businesses employ many managers and other exempt employees that make less than the new salary requirement.
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