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Important NFIB Recorded Webinar: "New Overtime Rule Effective July 1, 2024: What (Small) Businesses Need to Know"
Hopefully by now you have heard about the soon-to-be-implemented new federal overtime rules for exempt/salaried employees.
Greetings,
Hopefully by now you have heard about the soon-to-be-implemented new federal overtime rules for exempt/salaried employees.
The current minimum salary for exempt (non-hourly) employees is $35,568. Effective July 1, 2024, that minimum salary increases to $43,888. And, effective January 1, 2025, the minimum salary for exempt (non-hourly) employees increases to $58,656. Beginning July 1, 2027, and every three years thereafter, the minimum salary for exempt (non-hourly) employees will automatically increase by a dollar amount still to be determined.
While the National Federation of Independent Businesses (NFIB) does have a lawsuit pending against the Department of Labor to stop this federal regulation, it is critical for you to prepare as if the regulation will take effect on July 1st.
Below is a link to the recent 68-minute FREE webinar moderated by the NFIB. I listened to it, and it is VERY informative. I strongly encourage those of you that need to prepare for this new federal regulation to watch the webinar, and then, if needed, contact a qualified human resources professional or labor law attorney to ensure compliance.
Please contact the chamber office at 301-739-2015, ext. 100, should you need one of our members to assist you.
Sincerely,
Paul
Download Slides (New Overtime Rule)
Additional Resources:
DOL Fact Sheet - Seasonal Amusement Workers
DOL Information on Seasonal Ag Workers
DOL Fact Sheet EAP Salary Basis
Click Here to provide feedback on the webinar.