DOL's New Proposed Overtime Pay Regulations & Proposed Rules - What to Expect and How to Comply
Duration: 60 Minutes
Based on a March 13, 2014 presidential memorandum from the President Obama to the Department of Labor, the DOL was instructed to review overtime regulations and make appropriate updates so more Americans will be applicable to overtime pay. On May 5th 2015 the DOL sent over proposed overtime regulations to the Office of Management and Budget for review. The DOL proposed regulations to significantly raise the minimum salary for overtime exempt employees from approximately $23,660 to $50,440 annually. In addition, overtime exempt employees must perform specific duties as set forth in the regulation. Any employer that violates the overtime pay regulations is liable for back pay, interest, damages, and attorney fees. This webinar will help you determine the effect these new rules will have and how to comply with them. In the near future we should anticipate the opportunity to weigh in on a final rule according to the DOL.
Objectives of the Presentation
Upon successful completion of this course, you'll be able to:
Why Should you Attend
- Identify current federal overtime requirements, including:
- Exempt vs. non-exempt employees
- Overtime concerns
- The regular rate of pay
- Classify each state's overtime requirements
- State by state review
- Recognize proposed changes to the regulations and their potential impact
This webinar will give the details about proposed regulations and how it will impact the employees we employ. It will provide you the most up to date tools to understand current overtime regulations at the federal and state level and the impact of potential changes that are on the horizon. We will also discuss the comment period that we are currently in with the DOL and how that will impact the final regulations passed.
Who can Benefit
- Payroll Professionals
- HR professionals
- Compliance officers
- Audit staff
- Budget personnel's
- Compensation Analysts
The proposed revisions to the FLSA's white collar exemptions are designed to extend overtime protections to millions of employees. The significant increase in the compensation required to meet the proposed salary-level test will likely affect long-standing staffing and compensation models. Companies need to consider auditing their current employee population to determine what changes will be made to staffing models and the classification of "close to the line" positions if and when the proposed rule becomes final. Those changes may include raising the salary for certain employees to meet the new proposed standards, bolstering job duties, or reclassifying employees from exempt to nonexempt. Reclassifying exempt employees to nonexempt, in turn, requires considering a broad range of issues, including communication strategy, manager and employee training, timekeeping policies and practices, scheduling, compensation structures, calculation of the overtime rate, and many other issues. Planning ahead is critical to managing the risks associated with reclassification.