IMPORTANT – Overtime Rules are Changing
If proposed changes to overtime are implemented as written, anyone who earns under $24.25 per hour, $970 per week, or $50,440 annually must be covered by overtime. 
The administration’s changes in overtime rules will affect over 5 million workers and their employers. Companies must be aware of these rules in order to comment on them, or at the very least, to understand the impact these changes will make on their bottom line.
The old rules allowed businesses to assign management responsibilities to employees converting them to "exempt" employees. The new rules change all that. Of further impact, the new cut-off point is based on national wage levels, so it can increase in the future.
NOW is the time for companies to look at the impact the rules will have on their businesses. If you have workers that are affected, you have two choices: (1) pay them 1.5x pay for every hour over 40 in a week or (2) reduce their hours to 40 per week.The rules are expected to be finalized by the end of the year and, as currently proposed, will go into effect in 2016. States also have labor standards. Businesses must comply with the higher of either the state or the federal rules. The US Department of Labor has this summary of the new rules: 
Department of Labor Wage and Hour Summary (click link) More information on this significant change can also be found on our Tools for Business Success website, under Hire/Manage Employees.