After several years of proposed regulations and discussion, the U.S. Department of Labor has issued a new federal overtime rule that is set to take effect July 1, 2024. Under the new rule, employees who make less than $43,888 on July 1, and then $58,656 on January 1, 2025, will be eligible for overtime pay. The rule applies to the Fair Labor Standards Act’s white collar “executive, administrative and professional” exemptions. The so-called EAP exemptions determine which employees are exempt from overtime-pay requirements under federal law when they work more than 40 hours in a week. In this webinar, NFIB’s Small Business Legal Center attorneys Beth Milito and Rob Smith will explain the new requirements and what employers need to do to ensure compliance on July 1, 2024.
Topics will include:
General overview of FLSA overtime requirements.
Factors to consider when deciding whether to convert.
Determining what counts as time worked for overtime calculations.
Presented by: Elizabeth Milito, Executive Director, NFIB Small Business Legal Center; Rob Smith, Senior Attorney, NFIB Legal Center; Holly Wade, Executive Director, NFIB Research Center
New Overtime Rule Effective July 1, 2024: What Small Businesses Need to Know
After several years of proposed regulations and discussion, the U.S. Department of Labor has issued a new federal overtime rule that is set to take effect July 1, 2024. Under the new rule, employees who make less than $43,888 on July 1, and then $58,656 on January 1, 2025, will be eligible for overtime pay. The rule applies to the Fair Labor Standards Act’s white collar “executive, administrative and professional” exemptions. The so-called EAP exemptions determine which employees are exempt from overtime-pay requirements under federal law when they work more than 40 hours in a week. In this webinar, NFIB’s Small Business Legal Center attorneys Beth Milito and Rob Smith will explain the new requirements and what employers need to do to ensure compliance on July 1, 2024.
Topics will include:
General overview of FLSA overtime requirements.
Factors to consider when deciding whether to convert.
Determining what counts as time worked for overtime calculations.
