Make sure that your business is ready for the new Overtime Rule that goes into effect on December 1, 2016 by attending a special presentation hosted by the Penobscot Bay Regional Chamber of Commerce. The program, presented by Sarah Newell of Eaton Peabody Attorneys at Law, will be held on Wednesday, July 27, 2016 at The Farmstead Conference Center at 399 Commercial Street in Rockport, Maine. Continental breakfast begins at 8:30 am, and the presentation will run from 9:00 am to 10:30 am.
On May 18, 2016, the U.S. Department of Labor issued its long awaited overtime rule changing the salary basis requirement for overtime exemption from $455 per week to $913 per week and set the total annual compensation requirement for highly compensated employees at $134,004. This is a significant change that will pose challenges for Maine employers today and in the future.
The new rule, effective December 1, 2016, redefines which white-collar employees, including executive, administrative, professional, outside sales and computer employees, are protected by the Fair Labor Standards Act (FLSA) minimum wage and overtime standards. We’ll help you understand the new Final Rule as compared to the old rule – what changed and didn’t change, and the legal and financial implications for your business.
We’ll address the following issues and answer your questions:
• Do your current “exempt” employees’ salaries meet the new threshold for “exempt” status?
• Have you budgeted for significant salary increases for exempt employees?
• Have you considered how to structure salaries for higher-level exempt employees when the new minimum salaries go into effect?
• Is reclassification of exempt employees to hourly a viable option, considering overtime pay requirements?
• Are lay-offs a possibility or probability and, if so, how should you prepare?
EDMC recently held a seminar with Sarah on July 12th and WABI was there to ask to a few questions – Click here for the Video.
To register for the presentation on July 27 at The Farmstead Conference Center at 399 Commercial Street in Rockport, Maine, Click Here.