We are only a few weeks into 2020 and exciting things are already happening. I’m specifically talking about the new overtime rules that have gone into effect. You know, the topic that’s been on the table since 2016? Well, the time has come! Do you need a refresher on what we’re referring to? You can review the information by visiting some of our previous posts on the subject that we did in May and October of last year.
The Department of Labor’s revision of the overtime rules has officially gone into effect. This gives an estimated 1.3 million workers a raise, specifically the ones who are currently making $35,568 annually or less ( $684 or less weekly). These employees must be paid overtime if they work more than 40 hours a week. Previously, salaried employees were only entitled to overtime pay if they made less than $455.00 a week, or $23,660 annually.
How will this affect your business? Well, a big question is do you currently track your employee’s hours? We often see companies who don’t require their salary employees to punch in and out. Now that there are new rules in place you want to make sure that your employees are getting overtime, they put in. You also do not want to get in trouble with the Department of Labor and end up paying more in fines than you would have in the first place. This begs the question: do you have a system in place to track your employee’s hours? If the answer is no, consider one of our time and attendance solutions. Our dependable and affordable products make tracking employee hours easy. We have options ranging from manual punch clocks to electronic totalizing clocks, and software-based products.
Contact us today so we can get you set up for a successful New Year.
For more information about the final ruling, visit the Department of Labor’s website or click here to read the official update.