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Overview
Effective July 1, 2024, the salary threshold will increase to the equivalent of an annual salary of $43,888 and increase to $58,656 on Jan. 1, 2025. The July 1 increase updates the present annual salary threshold of $35,568 based on the methodology used by the prior administration in the 2019 overtime rule update.
On Jan. 1, 2025, the rule's new methodology takes effect, resulting in the additional increase. In addition, the rule will adjust the threshold for highly compensated employees. Starting July 1, 2027, salary thresholds will update every three years, by applying up-to-date wage data to determine new salary levels.
This webinar will discuss how to determine who is entitled to overtime and how to communicate the new regulations to your employees.
Why you should Attend
Millions of additional workers will soon be eligible for overtime pay thanks to the Labor Department's new salary threshold for certain exempt employees - which raises the rate higher than initially anticipated. Employers will need to act quickly to ensure their pay practices align with this significant change.
Specifically, the U.S. Department of Labor (DOL) announced today that the salary threshold for the so-called "white-collar" exemptions will rise from $35K to about $44K on July 1 and will jump to nearly $59k at the start of 2025 - which means your workers will need to earn at least this new threshold to even be considered exempt from OT pay under the white-collar exemptions.
Areas Covered in the Session
- Refresher on the Fair Labor Standards Act
- The "minimum salary" rule
- Highly Compensated Employees
- Review of pay structures
- Session Highlights
- How to prepare for the change
- What about bonuses and incentives?
- Record Keeping
- Benefit Differences
- Communications Plan
- Training Managers and Supervisors
Who Will Benefit
- All Human Resource Management
Speaker Profile
Greg Chartier is Principal of The Office of Gregory J Chartier, a Human Resources Consulting firm and is a well-known management consultant, educator and speaker and author of the recently published What Law Did You Break Today? His practice is based on the Business Partner Model of Human Resources, which places its’ emphasis on outsourcing, the use of technology to gain efficiencies and the improvement of managerial skills.
Greg is a thought-provoking professional speaker and his wisdom and insights into management and leadership make him an electrifying speaker and seminar leader. His seminars are customized to reinforce company mission, vision, values and culture and the content is practical for team leaders, managers, supervisors and executives. His philosophy is simple: management is a skill and you can be a better manager by developing your skills.
He has a Bachelors Degree from The Citadel, the Military College of South Carolina, an MBA from Rensselaer Polytechnic Institute and his Ph.D. in Human Resources Management from Madison University. Greg is certified by the Society for Human Resources Management (SHRM) as a Senior Professional in Human Resources (SCP) and as both a Senior Professional and a Global Professional in Human Resources (SPHR and GPHR) by HRCI, the Human Resource Certification Institute.
He is a former Board Member of the Business Council of Westchester, where he was the Chair of the Human Resources Council and a member of the Executive Committee. He is a national member of SHRM and a local SHRM chapter, the Westchester Human Resources Management Association. He was also a member of the Board of the Child Care Council of Westchester.
Greg is involved in the Certification Program for Human Resources Management at Pace University, which includes the preparatory program for the Human Resources Professional Examinations and the Essentials in Human Resources Management Program and well as the Continuing Education Programs including HRCI and SHRM recertification. He is also a member of the faculty of the New York Medical College in Valhalla, NY.
Instructor
Greg Chartier