July 19, 2016
Today @ 12PM Looking to learn more about the new Overtime requirements? Join Jennifer for a 30 minute complimentary Webinar TODAY at 12PM.
When asked "what is a boat sinking threat to my practice?" "What could really put me under?" Those who know my answers know top of the list is "claims by your employees", and right at the top of the employee claims stands misclassification of wage v. hour and overtime pay, overtime tracking. Failure to adhere opens the employer to statutory damages, awards of attorney's fees, etc.
Many of you are not properly classifying your current workers. I know this because many of you have spoken about it with me. The exposure will be exponentially amplified come December 1, 2016 when the Federal minimum classification requirements are set (definitively) to change. Key changes to be aware of -
- Any employee making less than $47,476 is required to be paid overtime (time and a half for any hours over 40 per week), but bonuses and commissions may account for 10 percent (new!);
- For any employees meeting the Salary Threshold, they still need to meet the "Duties" test, which will remain unchanged;
- For an employee to classify out of overtime based solely on salary, that individual will have to make OVER $134,004.