New Final Overtime Rule – What Businesses Must Know about Compliance

With the new Final Overtime Rule from the U.S. DOL taking effect July 1, Gene Marks talks with Tammy Tyler, Manager of Employment Law Compliance at Paychex about salary thresholds for exempting employees, future increases, and potential impacts on payroll structures. This episode of Paychex THRIVE, a Business Podcast, also discusses the importance of policies on overtime and a focus on preparedness, including reviewing salaries, reclassification, and overall communication with employees and managers on overtime.

#BusinessCompliance #OTRule #FinalOTRule #OvertimeRule      

Topics Include:
00:00:00: Episode Preview
00:01:00: Introduction of Tammy Tyler
00:01:21: New Overtime Rule in effect
00:01:41: Explaining the new rule
00:04:18: Changes in amount of salary threshold for OT Rule
00:05:40: Salary threshold is aper-week basis  
00:06:34: Significant and additional increase to threshold coming Jan. 1
00:07:39: Which employees does this rule actually impact?
00:09:37: Consider a workplace policy on overtime policy
00:11:07: Bonus and other remuneration – what impacts do they have?
00:12:18: Why tracking time for nonexempt employees is crucial
00:13:10: Negative outcomes of noncompliance
00:14:05: Actions businesses can take to ease the transition
00:15:26: Wrap-up and thank you

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