Controlling Overtime Costs
In light of the Department of Labor’s (DOL) recent changes to overtime pay rules—issued on May 18, 2016—more business owners are concerned about controlling overtime costs. The increase in the minimum salary an employee has to earn in order to be exempt from overtime pay (from $23,660 to $47,476) is expected to increase the number of workers eligible for overtime by 4.2 million. Complying with this change will add to companies’ payroll costs and may also impact their administrative and legal expenses as well. Fortunately, there are steps you can take to minimize the effects of the new rule...
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