What Small Business Owners Need to Know About New Overtime Laws

“51% of small business owners don’t know whether their salaried employees are exempt from overtime pay under current federal rules.”

Source: Manta poll of 1,343 small business owners, 4/18 – 4/21 2016

@ivylmb@Manta

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Overview

When does the change take effect? Who is affected? New salary requirement What should you do to prepare? Why does it matter?

Are You Ready?

The deadline to comply with the new overtime rule is December 1, 2016

Federal law requiring employers in the United States to pay employees at least the federal minimum wage, plus time and one-half for hours worked beyond the standard 40-hour workweek

Fair Labor Standards Act

Who Is Affected?

Businesses with at least two employees and more than $500,000 gross annual sales

Exempt employees

Exempt employees do not earn overtime Must earn a minimum salary Must pass a duties test

New minimum salary for overtime-exempt workers: $47,476 annually

Overtime Exemption

Increase salary of employees who meet the duties test to the new minimum

Pay employees for overtime hours Reduce or eliminate overtime hours Some combination of the above

What Are Your Options?

Source: U.S. Department of Labor

Conduct an employee audit Find an attorney or HR consultant Set and communicate new policies Manage overtime costs with time

tracking and part-time or contract workers

What Should You Do?

Why Does it Matter?

Violating the FLSA opens your business to legal and financial risk.

Penalty:Employee back-pay and attorney fees

Q&A Session

John SwancigerManta CEO

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