After over three years of waiting, on September 24th, 2019 the Department of Labor released its long-awaited final overtime rule, increasing the standard salary threshold for exempt status to $684 per week (up from the current $455 per week floor), or $35,568 per year on an annual basis. The new rule takes effect on January 1st, 2020, providing the first overtime salary adjustment in more than 10 years.
Topics: Compliant Accounting Infrastructure, DCAA Audit Support, Human Resources, Government Regulations, Service Contract Act
The McNamara-O’Hara Service Contract Act (41 U.S.C. §§ 351-358) (SCA) requires contractors and subcontractors performing services on prime contracts in excess of $2,500 to provide service employees certain minimum wage and fringe benefits when performing work on those awarded federal service contracts. The Department of Labor is responsible for enforcing SCLS.
Topics: Contracts & Subcontracts Administration, Service Contract Act