The National Lumber and Building Material Dealers Association (NLBMDA) endorsed the U.S. Department of Labor’s (DOL) final rule raising overtime pay. The DOL’s new rule raises the overtime salary limit for workers from $455 per week to $684 per week, which is equivalent to $35,568 per year for a full-year worker.

“This is a victory for the LBM industry and we are pleased that DOL agreed with NLBMDA, by name, on key points in the rule,” NLBMDA president and CEO Jonathan Paine said in a public statement. “The Agency’s approach to make the overtime threshold a reasonable level, along with engaging the regulated community for future threshold increases, reflects their diligence in crafting a feasible rule for workers and employers.”

In the current final rule, which will be effective on January 1, 2020, the DOL declined to implement automatic updates for future salary thresholds and to set a fixed schedule for review. The agency also updated the earnings thresholds necessary to exempt executive, administrative, and professional employees from the Fair Labor Standard Act’s (FLSA) minimum wage and overtime pay requirements. The new thresholds account for growth in employee earnings since the thresholds were last updated in 2004.