On December 1, 2016, a newly enacted federal law increased the minimum wage required for overtime compensation. Affecting 4.2 million workers, it boosted earnings for those with annual salaries below its $47,476 annual threshold.
What does that mean for you?
For employees who earn less than $913 per week, don’t supervise two or more employees, and don’t have hiring and firing capabilities, your company will have to:
>Boost pay. Wages must be increased above the new threshold
>Set boundaries. Limit the amount of hours employees work
>Compensate for overtime. Pay time-and-a-half for hours beyond a 40-hour workweek.
To determine your best course of action, visit the Department of Labor online for a detailed breakdown of the law, assess current workloads, and evaluate available funds for raises, overtime, or new hires.
The above is for informational purposes only and does not constitute legal advice.