The Department of Labor released the final rule updating the overtime regulations, which will automatically extend overtime pay protections to over 4 million workers within the first year of implementation. Starting on Dec. 1, 2016, the initial increases to the standard salary level and HCE total annual compensation requirement will go into effect. Future automatic updates to those thresholds will occur every three years, beginning on January 1, 2020.
The Final Rule focuses primarily on updating the salary and compensation levels needed for executive, administrative and professional workers to be exempt. Specifically, it:
Additionally, the Final Rule amends the salary basis test to allow employers to use nondiscretionary bonuses and incentive payments (including commissions) to satisfy up to 10% of the new standard salary level.
So what does all of that mean for you and your business?
The Food Institute and OFW Law are prepared to help you make sense of this new regulation. Join us on June 29, 2016 at 12 pm ET for a comprehensive webinar, "Understanding Your Obligations Under the New DOL Overtime Rules." Speaker Elliot Belilos of OFW Law, will help businesses large and small make sure they are prepared to comply with these new regulations.
The webinar will include:
Who should join the webinar? Company and trade association human resource personnel and legal counsel who want a better understanding of their legal obligations under the Fair Labor Standards Act and DOL's new overtime rules.
Elliot has over 25 years of experience representing companies and trade associations on employment matters. OFW law represents companies and trade associations in food, agriculture and consumer product industries.
If you are interested in this webinar but cannot attend the live event, a recording will be sent to all registrants once the webinar has concluded.
It's certainly not over, but farmers and food producers may receive a few months' respite as tariffs in the Sino-U.S. trade war will not escalate for 90 days. Additionally, they can at least look forward to a new normal as the United States-Mexico-Canada Agreement (USMCA) moves forward to full ratification.read more
Jennette has been with The Food Institute since 2013. As Marketing Director, she is responsible for promoting all Food Institute books, seminars and webinars, as well as writing and editing the Food Institute’s annual publications, such as Food Business Mergers & Acquisitions, The Food Industry Review and The Almanac of the Canning, Freezing, Preserving Industries. Additionally, she writes for and edits the daily news update, Today in Food, and contributes to the weekly Food Institute Report. She has a background in non-profit and environmental marketing, programming and writing, and graduated from Rowan University in 2012 with a degree in Communication Studies.
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