New Overtime Rule Effective July 1, 2024: What Small Businesses Need to Know
New Overtime Rule Effective July 1, 2024: What Small Businesses Need to Know
Wednesday, June 5, 2024, 12:00pm EST
New Overtime Rule Effective July 1, 2024: What Small Businesses Need to Know
After several years of proposed regulations and discussion, the U.S. Department of Labor has issued a new federal overtime rule that is set to take effect July 1, 2024.Under the new rule, employees who make less than $43,888 on July 1, and then $58,656 on January 1, 2025, will be eligible for overtime pay. The rule applies to the Fair Labor Standards Act’s white collar “executive, administrative and professional” exemptions. The so-called EAP exemptions determine which employees are exempt from overtime-pay requirements under federal law when they work more than 40 hours in a week. In this webinar, NFIB’s Small Business Legal Center attorneys Beth Milito and Rob Smith will explain the new requirements and what employers need to do to ensure compliance on July 1, 2024.
Topics include:
Topics include:
- General overview of FLSA overtime requirements.
- Factors to consider when deciding whether to convert salaried (exempt) employees to hourly (non-exempt) status.
- Determining what counts as time worked for overtime calculations
- Resources to help with compliance.