On May 18, 2016, the US Department of Labor introduced a new overtime rule, raising the salary threshold for overtime pay eligibility from $23,660 to $47,476 per year. The new rule also increases the highly-compensated threshold from $100,000 to $134,004 per year. These thresholds will now be reviewed every three years. In light of these changes, many employers are scrambling to make sure that they are in compliance by the December 1, 2016 deadline in order to avoid the inevitable penalties.
Many employers will be directly impacted by the new rule implementation, as the eligibility status of more than 4 million Americans will be affected. The USDOL expects employers to spend $592 million in efforts to comply. Failure to reach compliance will be subject to fines, potential lawsuits, criminal charges, and restriction on business. Here are the top 10 ways you can make sure your business stays ahead of the curve.
For more information about the changes resulting from the new rule, check out our recent report on how employers will be affected.
For more industry updates or for information about voluntary coverage options and employee benefits solutions, call your Taylor Insurance Services expert today. Don’t have a Taylor Agent? We’d love to get you connected to the Power of T. Call us today at (229) 247-6411. Our experts are ready to help you get the most out of your employee benefits program and develop strategies that both recruit and retain top-notch talent.
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