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    Paychex Small Business Snapshot  386  0 Kommentare Many Business Owners Remain Unaware of the DOL's Final Overtime Rule

    ROCHESTER, NY--(Marketwired - September 20, 2016) - It's been almost four months since the U.S. Department of Labor (DOL) released the highly anticipated final overtime rule, but despite much publicity and speculation about its impending impact, research indicates awareness of the rule remains low among business owners. A study released today by Paychex, Inc., a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services, revealed 49% of business owners polled remain unaware of the DOL's final overtime rule.

    The final rule, unveiled May 18, 2016, updates the overtime regulations under the Fair Labor Standards Act by raising the salary threshold from $455 per week ($23,660 for an employee who works for an entire year) to $913 per week ($47,476 per year) for the executive, administrative, and professional (white collar) exemptions. The final rule also increased the annual compensation for the Highly Compensated Employee exemption from $100,000 to $134,004, while also establishing a mechanism to update all salary and compensation levels every three years beginning in 2020. The new rule will take effect on December 1, 2016.

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    According to Paychex's latest research, 20% of respondents report being "very aware" of the overtime rule, while 31% say they're "somewhat aware." Of those surveyed who selected either of those answers, 67% believe it will have "little or no impact" on their business. Meanwhile, 26% predict it will have "somewhat of an impact" and 7% believe it will have a "major impact." Of those believing the overtime rule will have an impact on their business, 36% say they'll be transitioning impacted employees to non-exempt status, 21% will choose to redistribute hours to minimize overtime hours worked, and 7% plan on making adjustments to employee salaries in light of the new rule.

    "This study clearly indicates there is a large contingent of business owners who are unaware of the overtime rule," said Paychex president and CEO Martin Mucci. "These results are particularly concerning as we have every reason to believe the implications of the overtime rule will be far-reaching. December 1 is just a few short months away. Therefore, we highly recommend business owners familiarize themselves with the rule, determine how they may be impacted, and begin preparing now for full compliance and what it will mean for future business operations."

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    Verfasst von Marketwired
    Paychex Small Business Snapshot Many Business Owners Remain Unaware of the DOL's Final Overtime Rule ROCHESTER, NY--(Marketwired - September 20, 2016) - It's been almost four months since the U.S. Department of Labor (DOL) released the highly anticipated final overtime rule, but despite much publicity and speculation about its impending impact, …

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