Megan Neary Christensen on LinkedIn: The New Overtime Rule Affecting Millions of Workers: What Businesses Need… (2024)

Have you heard about the new overtime rule affecting millions of US workers? 👀As of July this year, millions of salaried workers will be entitled to overtime pay under a new rule from the U.S. Department of Labor (DOL).For employers with exempt employees who are paid below the new salary threshold, this means there’s a rapidly approaching need to either: ▪ Increase salaries (in some cases by up to 64%) to meet the new threshold; or ▪ Reclassify the employees to nonexempt status and start paying them overtime when they work over 40 hours per week.To stay compliant, more businesses will need to ensure they’re accurately: ✅ Recording the hours of nonexempt employees✅ Calculating the correct overtime rates✅ Keeping a record of compliance if audited Navigating new compliance news can feel overwhelming. Luckily, our VP of Legal Krista Hardwick unpacks the most common questions about the DOL’s new overtime rule on our blog: https://lnkd.in/gbmSzra7 #compliance #workforcemanagement #laborlaw

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Have you heard about the new overtime rule affecting millions of US workers? 👀As of July this year, millions of salaried workers will be entitled to overtime pay under a new rule from the U.S. Department of Labor (DOL).For employers with exempt employees who are paid less than the new salary threshold, this means there’s a rapidly approaching need to either: ▪ Increase salaries (in some cases by up to 64%) to meet the new threshold; or▪ Reclassify the employees to nonexempt status and start paying them overtime when they work over 40 hours per week.To stay compliant, more businesses will need to ensure they’re accurately: ✅ Recording the hours of nonexempt employees✅ Calculating the correct overtime rates✅ Keeping a record of compliance if audited Navigating new compliance news can feel overwhelming. Luckily, our Deputy VP of Legal Krista Hardwick unpacks the most common questions about the DOL’s new overtime rule on our blog: Find out more here: https://lnkd.in/gakMPYpP #compliance #workforcemanagement #laborlaw

Have you heard about the new overtime rule affecting millions of US workers? 👀As of July this year, millions of salaried workers will be entitled to overtime pay under a new rule from the U.S. Department of Labor (DOL).For employers with exempt employees who are paid less than the new salary threshold, this means there’s a rapidly approaching need to either: ▪ Increase salaries (in some cases by up to 64%) to meet the new threshold; or▪ Reclassify the employees to nonexempt status and start paying them overtime when they work over 40 hours per week.To stay compliant, more businesses will need to ensure they’re accurately: ✅ Recording the hours of nonexempt employees✅ Calculating the correct overtime rates✅ Keeping a record of compliance if audited Navigating new compliance news can feel overwhelming. Luckily, our Deputy VP of Legal Krista Hardwick unpacks the most common questions about the DOL’s new overtime rule on our blog: Find out more here: https://lnkd.in/gakMPYpP #compliance #workforcemanagement #laborlaw

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Have you heard about the new overtime rule affecting millions of US workers? 👀As of July this year, millions of salaried workers will be entitled to overtime pay under a new rule from the U.S. Department of Labor (DOL).For employers with exempt employees who are paid less than the new salary threshold, this means there’s a rapidly approaching need to either: ▪ Increase salaries (in some cases by up to 64%) to meet the new threshold; or▪ Reclassify the employees to nonexempt status and start paying them overtime when they work over 40 hours per week.To stay compliant, more businesses will need to ensure they’re accurately: ✅ Recording the hours of nonexempt employees✅ Calculating the correct overtime rates✅ Keeping a record of compliance if audited Navigating new compliance news can feel overwhelming. Luckily, our Deputy VP of Legal Krista Hardwick unpacks the most common questions about the DOL’s new overtime rule on our blog: Find out more here: https://lnkd.in/gakMPYpP #compliance #workforcemanagement #laborlaw

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The new overtime rule that goes into effect on July 1 is a BIG deal, and small businesses need to prepare. The gist is that the DOL is raising the salary amount below which employers must pay an employee overtime (1.5x their hourly rate) for any hours they work over 40 a week: -The salary threshold before was $35,658. -On July 1, it goes up to $43,888, and on January 1, 2025, it goes up again to $58,656. There are exceptions to this, but the bottom line is that more than 4 million U.S. workers will now be entitled to overtime pay under this new rule. Like I said: IT'S A BIG DEAL. #HR and #payroll leaders need to get together and figure out next steps now. There’s no way around it: This new rule will cost you. But with careful planning, you can soften the blow.Here are some of your options:💰 Don't change salaries and simply pay the overtime💸 Increase salaries over the new threshold🥇 Push workers above the threshold with bonuses and commissions (the new rule allows for up to 10% of a worker's minimum salary to be bonuses or commissions)📊 Combine lower salaries with paying overtime to keep total compensation the same👷♀️ Convert salaried workers to hourly (who qualify)📈 Cut hours and hire more workers📉 Cut workers and give their hours to employees above the thresholdWhat are you doing to prepare for the new overtime rule?

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New final rule on overtime eligibility: What employers need to knowEmployers: The DOL recently announced a new final rule regarding the minimum annual salary threshold that partly determines whether employees qualify for overtime pay. Key details here.https://lnkd.in/guEYwnFT

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Effective July 1, 2024, millions of salaried workers in the U.S. who are currently exempt from receiving overtime pay under the Fair Labor Standards Act (FLSA) when working more than 40 hours per week will qualify to receive overtime pay, according to a new rule issued by the U.S. Department of Labor.The rule increases the upper annual salary limit for overtime pay eligibility from $35,568 currently to $43,888 on July 1, 2024; the limit will increase again to $58,656 effective January 1, 2025.Chess’s experts David Ottenbreit, CVA, CFE and Rodney Bosco have calculated and critiqued estimates of lost earnings involving thousands of employees related to claims of FLSA misclassification and other FLSA-related violations.To learn more about the Department of Labor’s ruling, click here: https://lnkd.in/eeSwGDxa; to learn more about Chess’s labor and employment dispute services, click here: https://lnkd.in/dZaXZ2BM

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On April 23, the DOL issued a Final Rule raising the salary thresholds for certain overtime exemptions under the Fair Labor Standards Act. The rule is scheduled to go into effect on July 1, 2024, and would convert a significant number of employees who are currently exempt from the FLSA’s overtime requirements into non-exempt employees who then would be entitled to overtime pay for all hours worked over 40 in a calendar week.In a new client alert, AGG Employment attorneys Henry Perlowski, Edward Patrick Cadagin, and Meredith Bradshaw provide a summary of the rule’s changes to the salary thresholds and implications for employers.https://lnkd.in/eF9R6riA

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Overtime pay rules have gotten some updates. If you’re a salaried worker in the United States, there’s some important news you should know about the changes to overtime pay rules and eligibility. The US Department of Labor recently announced a final rule that will make millions more workers eligible for overtime pay. Here’s what you... Continue Reading #wisconsinlawyer #wisconsinlaw #wislawnow