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DOL Proposed Overtime Rule Changes You Need to Know

Overtime Rule Changes You Need to Know How Department of Labor Updates Could Affect You 65% According to Paycor data, 65% of organizations have at least one employee who earns a salary of less than $50,440 a year.* These employees could now be eligible to receive overtime pay for hours worked above 40. *Statistics provided by Paycor client data of over 29,000 businesses. The Impact to One Employee = $1,500 1 Employee with a Salary of $40,000 1 Hour of Overtime (OT) Cost per Year per Week Impact of Managing Hours Adding hours and employees will dramatically increase costs. $1,500 $8,000- $7,000 $6,000 $3,000 $5,000- $4,000- $3,000 $6,000 $2,000 $1,000- $0 1 hour 2 hours 3 hours 4 hours 5 hours $12,000 Weekly OT Hours for 1 Employee Every Employee Will Have a Different Scenario Yearly Salary Tim $30,000 $8,991.68 +8 hours Overtime Cost Darnell $40,000 $15,000.40 +10 hours Beth $45,000 $6,740.00 +4 hours Anita $35,000 $26,266.40 +20 hours $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 Yearly Salary and OT Costs A collective $56,998.48 liability for 4 employees Managing the Proposed Updates Will Be Difficult Paycor Can Help Paycor Your DOL Overtime To Do List Determine whether you have salaried exempt employees under the proposed threshold. Understand which employees are affected. Start tracking salaried employees' hours now. Contact your Paycor representative or visit paycor.com/DOL for more information. Paycor Paycor.com/DOL Yearly Cost

DOL Proposed Overtime Rule Changes You Need to Know

shared by Paycor on Nov 28
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In June 2015, the Department of Labor proposed revised regulations that affect the Fair Labor Standards Act’s “white collar” overtime exemptions. The proposed regulations would increase the sala...

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paycor

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Economy
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