Business Success & Solutions Seminar - Dept. of Labor New Overtime Rules

Description

Presented by Malcohm Smith, US Department of Labor, Wage and Hour Division

Malcohm will discuss the Key Provisions of the Final Rule--

The Final Rule focuses primarily on updating the salary and compensation levels needed for Executive, Administrative and Professional workers to be exempt.

Specifically, the Final Rule:
1. Sets the standard salary level at the 40th percentile of earnings of full-time salaried workers in the lowest-wage Census Region.
2. Sets the total annual compensation requirement for highly compensated employees (HCE) subject to a minimal duties test to the annual equivalent of the 90th percentile of full-time salaried workers nationally.
3. Establishes a mechanism for automatically updating the salary and compensation levels every three years to maintain the levels at the above percentiles and to ensure that they continue to provide useful and effective tests for exemption.

Additionally, the Final Rule amends the salary basis test to allow employers to use nondiscretionary bonuses and incentive payments (including commissions) to satisfy up to 10 percent of the new standard salary level.

**This seminar is now being held at the Chamber office located at 303 W. Kirby Avenue in Champaign.

The cost to attend this seminar is $19 for Chamber members and $39 for non-members.

To register, please email Caryn Isenhower or call 217.359.1791. Registration deadline is October 24, 2016.