On May 18, 2016, the Department of Labor (DOL) announced a “final rule” that increases the minimum salary threshold required to qualify for overtime exemptions. The final rule will have a significant impact on how employers compensate their workforce. This white paper includes a discussion on the following:
- Final Overtime Regulations
- General Overtime Standard
- Cost of Noncompliance
- Avoiding Employee Lawsuits and DOL Audits
- Repercussions to Consider When Making Changes
Are You Prepared for the New Overtime Regulations?
According to recent research conducted by ADP, only 25 percent of small business owners and 50 percent of midsized employers are aware of the new overtime regulations and are taking action to comply. Failure to comply can be costly.
The new overtime regulations take effect December 1, 2016. Take the time now to prepare for these changes to ensure you are in compliance.