Stay informed about changes to OT salary thresholds and much more!
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Changes likely next year for minimum salary amounts. Plan ahead by checking salary rates for your employees and come up with a game plan to give them raises or convert them to hourly. https://lnkd.in/gBKHdYHz
DOL Proposes Substantial Increase to Salary Threshold for FLSA’s White Collar Exemptions
https://ogletree.com
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Minimum Exempt Salary Threshold Increase https://lnkd.in/ee-TZM5F I think now is a great time to meet with your HR Professional to discuss possible ramifications if DOL moves forward with proposed changes. $1,059 is a significant increase from $684 a week. If your creating new positions also diving into the salary and duty tests can save a lot of risky situations down the road.
Labor Department’s New Overtime Rule Likely Coming Soon: Your 8-Step Plan to Prepare
fisherphillips.com
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The increase in the Minimum Salary Threshold is HUGE and going to be quite difficult on businesses especially knowing the change is coming in a few months. Seems the increase in minimum salary threshold should increase some, but not nearly to this level. Maybe they should also consider different thresholds for different areas of the nation....these amounts mean one thing in CA and another in KY.
Business Groups Sue to Enjoin DOL Rule Increasing Minimum Salary Thresholds for Overtime Exemption
natlawreview.com
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✨Compensation Consultant - working exclusively with FI's - Helping to establish competitive pay and drive sustainable growth✨
Here's a guideline to the new salary threshold, effective July 1, 2024!! ☝ Please feel free to reach out with any questions about how this could effect your employees, or how to navigate step 1 of this 2-part implementation!
DOL’s New Salary Threshold Makes Millions of Employees Eligible for Overtime
https://www.wyrick.com
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Salary thresholds are going up, up, up! Starting July 1, 2024, the salary threshold will increase to an annual salary of $43,888 & increase again to $58,656 on Jan. 1, 2025. Stay updated & prepared for these upcoming changes. #salarythresholds #businessnews #paychex
Biden-Harris administration finalizes rule to increase compensation thresholds for overtime eligibility, expanding protections for millions of workers
dol.gov
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The BC government has just issued additional guidance on the requirements around wage or salary transparency under section 2 of the Pay Transparency Act. Those requirements come into effect on Wednesday, November 1, 2023. The government has made it clear that employers are not required to include information regarding bonus pay, commissions, overtime pay, tips or benefits on publicly advertised job postings. Employers may of course choose to do so voluntarily. Read the full Roper Greyell LLP article here: https://lnkd.in/g27kminx #PayTransparency #legislation #guidance #tapnetwork
Show Me The Money - Pay Transparency Act | Roper Greyell LLP
https://ropergreyell.com
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Consistent with its practice in recent rulemakings, the DOL proposes to increase the required base rate in proportion to the proposed increase in the standard salary level test, resulting in a proposed base rate of $1,617 per week (or a proportionate amount based on the number of days worked)
U.S. DOL Proposes Increase to Minimum Salary for Exempt Employees - www.adp.com
adp.com
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Look For This Legislation (Pay Transparency Act) from BC To Have an Impact on Recruiters Guidance on wage or salary information on job postings Section 2 of the Pay Transparency Act requires that salary or wage information must be included on all publicly advertised job postings. This requirement comes into effect on November 1, 2023, and applies to all employers in B.C. Employers do not need to include bonus pay, overtime pay, tips, or benefits on job postings. They may voluntarily choose to include this or other information if desired. The expected wage or salary or expected wage or salary range must be included within the job posting. For example: $20 per hour $20-$30 per hour $40,000 per year $40,000 - $60,000 per year If stating a wage or salary range on publicly advertised job postings, employers must not include an unspecified minimum or maximum amount. For example: “$20 per hour and up” or “up to $30 per hour” does not meet the requirement “$20-$30 per hour” does meet the requirement
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I am a huge supporter of pay transparency, and here is why…. 💰💰💰 1. No Surprises: You won't get a shocker when you find out the pay; you know what you're getting into. 2. Fairness Rules: It helps to level the playing field, so everyone gets paid what they deserve. 3. No Time Wasted: You won't waste time applying for a job that doesn't match your salary expectations. 4. Trust Factor: Companies that spill the beans on pay tend to earn trust - no secrets! 5. Colleague Chill: When everyone knows what everyone else is earning, there's less room for awkward money tension and workplace drama. Thoughts??? Agree ? Disagree? Im all 👂
The BC government has just issued additional guidance on the requirements around wage or salary transparency under section 2 of the Pay Transparency Act. Those requirements come into effect on Wednesday, November 1, 2023. The government has made it clear that employers are not required to include information regarding bonus pay, commissions, overtime pay, tips or benefits on publicly advertised job postings. Employers may of course choose to do so voluntarily. Read the full Roper Greyell LLP article here: https://lnkd.in/g27kminx #PayTransparency #legislation #guidance #tapnetwork
Show Me The Money - Pay Transparency Act | Roper Greyell LLP
https://ropergreyell.com
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HR Professional | Talent Acquisition Specialist | Technical Recruitment | Organizational Development | Employer Branding | HR Operations | IT Industry | Healthcare Industry
Some basic Information for HR professionals. HR Compliance: Some wages Calculation as per legal Compliance; · GRATUITY: Gross Salary X No of Tenure Highest Drawn Salary (12 Month) X No of Tenure Note: 06 months and above considered as a year after completion of 1 year of continual service. · OVERTIME Gross Salary ÷ 26 ÷ 8 X 2 X No. Of O.T Hours Piece Rate (Earned Amount / Worked Hours) X No. Of O.T Hours · BONUS: Bonus = Salary / 365 Days X No of Working Days Piece Rate = Minimum wage / 365 DAYS X No of Working Days · LEAVE ENCASHMENT: Encashment = (Salary/ 26) X No. of Remaining leaves. Piece Rate Encashment = (Minimum wage/26) X No. of Remaining leaves. · EOBI EOBI CONTRIBUTION Minimum salary: 32k (As per Minimum wage) Total = 6% Employee Contribution= 1% (Rs 320) Employer Contribution= 5% (Rs 1600) Total Contribution= Rs. 1920 (Note: Few calculations may vary in different organizations)
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