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The Department of Labor’s new rule on overtime pay for salaried employees has created a lot of uncertainty for southwest Missouri employers—including which employees will be affected, how to bring those employees into compliance, how to communicate the changes to those employees and how to properly account for the new rules.
The uncertainty was apparent at the Chamber’s 60 Minutes to Success session on August 10. Nearly 90 businesspeople attended, making it one of the most popular sessions in the series—so popular that attendees stayed an extra 30 minutes to ask questions of the panelists.
While the new regulations cover more than 500 pages, most employers are concerned about one key change: The salary threshold above which employees can be exempted from overtime pay will more than double, from $23,660 per year to more than $47,000.
Attendees heard from Travis Elliott, attorney with Ellis, Ellis, Hammons & Johnson PC; Patty Dixon, human resources manager with CSI; and Krystal Russell, partner with Payroll Vault. The three panelists offered several recommendations for companies looking to deal with the new rules:
While the changes are complex and potentially complicated, the Chamber has compiled a wealth of resources to help companies address the issue.