Starting July 1, 2024, employees earning salaries below $43,888 must be paid time-and-a-half for working beyond 40 hours in a single workweek, regardless of their job duties. This rule affects small businesses and will change the work status of around 4 million workers.
What it means: Starting July 1, 2024, employees earning salaries below $43,888 must be paid time-and-a-half for working beyond 40 hours in a single workweek, regardless of their job duties. This rule affects small businesses and will change the work status of around 4 million workers.
Our take: “The Department of Labor actually projects that it will make 4 million employees eligible for overtime in the first year alone and result in over a billion and a half in transfer costs from employers to employees,” said Rob Smith, NFIB Senior Attorney.
The NFIB Small Business Legal Center’s Executive Director Beth Milito and Senior Attorney Rob Smith spoke to attendees of the latest NFIB webinar: “New Overtime Rule Effective July 1, 2024: What Small Businesses Need to Know.” This rule affects small businesses and will change the work status of around 4 million workers.
Starting July 1, 2024, employees earning salaries below $43,888 must be paid time-and-a-half for working beyond 40 hours in a single workweek, regardless of their job duties. This rule will likely increase salary levels dramatically.
Watch the full webinar here.
Email your legislators now and share your thoughts on the new Overtime Rule.
