|Articles|September 16, 2008

Physician's Money Digest

  • October15 2004
  • Volume 11
  • Issue 19

No Overtime Pay

Under the US Department of Labor's(DOL) new overtime regulations, physician-employees would generally not beeligible for overtime pay. Employeeswho make more than $23,660 annually;are paid on a salary rather than hourly-wagebasis; and perform duties that areexecutive, administrative, or professionalare exempt from overtime pay underthe DOL's new rules. Doctors are designatedas "learned professionals" underthe regulations, a group that is ineligiblefor overtime pay. Along with redefiningovertime eligibility, the rules also clarifywhen employers can dock workers fortime away from work. Under the newregulations, employers are generally forbiddento dock physicians if they arepaid on a salary basis. According toDOL figures, the median annual salaryfor a full-time US physician in 2003 wasabout $163,000.

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Question Your Ideal Investment Option

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Determine when a Roth IRA Makes Sense

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Replace Malpractice Fiction with Fact

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Expand Your Insurance Protection Plan

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Save More with College Rewards Programs

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Select a Team Worthy of the Super Bowl

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Recover Taxes from a Natural Disaster

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Strengthen Your Retirement with Charity

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