Last week in the Paycom Blog, we covered the U.S. Department of Labor’s move to advance its proposed final rule on overtime expansion. Although specific details haven’t been released, it’s expected that the proposed rule will boost the salary threshold to a level that will make millions of currently exempt workers eligible for overtime.
Finalized by fall?
This proposed increase represents major financial and operational challenges for employers, who may have less time to adapt than previously thought. Because overtime expansion is a rule, not a bill, Congress has just 60 legislative days to review and act on the rule if it’s published in the Federal Register by summer. If during that period, Congress takes no action or fails to reach a joint resolution of disapproval, it’s quite possible that employers would need to be fully compliant with the new rule by September.
How to prepare now
With overtime expansion officially on the fast track, employers should begin preparing now in order to lessen the rule’s impact on their business. Paycom’s new overtime expansion calculator will help you get started by estimating your company’s potential overtime costs under the new rule.
The next steps involve gaining insight into the new rule and how it could affect your business from a big-picture perspective. Paycom’s “Don’t Underestimate Overtime Expansion” webinar can help.
Join our free webinar
The free webinar covers the proposed legislation; how it could affect your company from a financial, operational and cultural standpoint; and actions you can take now to help lessen its impact. After the webinar, you’ll have an in-depth understanding of:
- the Fair Labor Standards Act and the proposed overtime rule,
- various payroll and timekeeping challenges your business might face under overtime expansion,
- different workforce restructuring solutions that can offset overtime costs,
- risks associated with various restructuring scenarios and
- steps you can take now to help you control labor costs, minimize risk and remain compliant under the new legislation.
Join us at 2 p.m. CDT March 29 for this important event. Register today by clicking here.
Stay tuned for more important information and employer resources about managing overtime expansion right here on the Paycom Blog.