this is a big deal for a lot of folks. the company I do HR has all salaried employees above threshold . but I have to be careful on new hires going forward. ( I work for a generous employer…good folks) but money is still an issue and this new rule maybe a factor. so whether you are an employer or salaried employee remember to triple check where you stand before the rules change!
http://bigstory.ap.org/article/ad9f4f7be0d2462d809cd6d26f02e922/new-ot-rules-force-small-businesses-make-hard-choices
“…The rules don’t cover many employees who are office workers, computer programmers or professionals…”
I found this statement interesting. I assume this is spelled out in detail somewhere.
I think it’s a good idea. It still has to be cheaper than hiring more employees. Salaried workers are obviously being abused enough that this had to become a law.
sax— hiring a second employee is not only difficult (good employees are hard to find) but cost wise it is definitely going to be more a majority of the time (IMO).
but I think what most companies will do is cut back on services or hours. I get the payroll aspect of running a business is a big deal. most companies do not have stacks of cash like facebook, apple, etc… (btw those companies funnel money out of the tax system and love H-1 visas to short change workers in the U.S.) so imagine a person running a company on slim margins and a tight budget…what can we expect them to do?
Wasn’t there a thread about this not that long ago?
http://talk.collegeconfidential.com/parent-cafe/1892688-new-federal-rules-on-who-is-nonexempt-for-overtime-pay-47-476-pay-threshold.html
"reminder about new rules "
I am thinking this is going to lead to a chunk of layoffs and or salaried employees changed to hourly employees with hours cut. I do not see a net gain overall for employees who fit into this category.
The effective date of the final rule is December 1, 2016.