compensation

Plan now for the new overtime regulation

Are you aware that because of new regulations, all hourly and salaried employees earning less than $47,476 per year must be paid overtime for work exceeding 40 hours per week?  The Department of Labor estimates that when this new rule goes into effect December 1, 4.2 million additional employees will be eligible for time-and-a-half when they work over a 40-hour week. The Department of Labor believes this will create an increase in compliance.  Others fear that this will mean an increase in litigation. You can read more about that here.

So how does this affect your company? You must decide how your business will comply.  To help you plan now, I've called upon Eric Magnus, Jackson Lewis, P.C, to provide us with his excellent legal advice.  He outlines three options you must consider now so that by December 1, your business is prepared for compensation adjustments and equipped with time-tracking measures.  Here's Eric's advice: