Greene Resources is sponsoring the Triangle Society for Human Resources Management’s September Chapter Meeting focusing on compliance with the new FLSA overtime regulations. Understanding and evaluating compliance with these recent changes is important to avoid heavy sanctions from the government.
In July of 2015, the United States Department of Labor (“DOL”) issued a proposed regulation regarding the Fair Labor Standards Act (“FLSA”). One of these proposed regulations would increase the minimum salary for exempt employees from $455 per week ($23,660 per year) to $970 per week ($50,440 per year). The updated salary figure was tied to Bureau of Labor Statistics, and was set to increase every year. The Department of Labor’s official exemption regulations were finally released on May 18, 2016. The weekly salary requirement was raised to $913 per week ($47,476 per year) and the salary level will now only increase every three years, rather than every year. This regulation includes what amounts to a 100% increase in minimum salary for exempt employees, with the Dept. of Labor predicting that 4.2 million workers will become newly eligible for overtime. The regulation also includes several traps for the unwary that employers should analyze thoroughly.
If you are involved in your company’s payroll and human resources decisions, this is a great opportunity to learn more about the upcoming changes.
To register for this event, please click here.