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Message
When do the new overtime rules go into effect?
Posted on 11/30/15 at 10:53 am
Posted on 11/30/15 at 10:53 am
Or is it still in the comment phase? Surely, this won't happen until 1/1/2016 or later in 2015, right? Companies have to have time to manage this. I've commented that the $50,400 salary threshold across the board isn't fair. We have several professionals making less than that in Nashville (most of staff are young people right out of college). We would have had to pay out an extra $200k in salaries last year if we went by the new overtime laws. That's alot for a small business to have to have deal with.
My argument is that $50,400 in New York City or San Franscisco isn't the same as $50,400 in Nashville.
My argument is that $50,400 in New York City or San Franscisco isn't the same as $50,400 in Nashville.
4
Posted on 11/30/15 at 11:33 am to Serraneaux
what are the new rules?
Posted on 11/30/15 at 12:56 pm to Tigerpaw123
quote:
what are the new rules?
FedGov wants to change the laws on salaried positions to OT for any hours after 40 up to a certain ($50,400) threshold.
Posted on 11/30/15 at 1:46 pm to tigeraddict
quote:
FedGov wants to change the laws on salaried positions to OT for any hours after 40 up to a certain ($50,400) threshold.
You have degreed individuals working for you over 40 hours a week making less than 50 grand? What line of work are you in? I couldn't imagine making that and having a degree.
You can always reduce their hourly wage. Since that is what it seems like they are doing.
Posted on 11/30/15 at 1:50 pm to Serraneaux
quote:
That's alot for a small business to have to have deal with.
Government doesn't give a shite about small business. They get a lot of run from all the helping the small business BS that they spew, but if you follow their action they only care about the large corporations. This regulation hurts all companies, but the bigger ones are better suited to deal with it.
Posted on 11/30/15 at 2:03 pm to JamalSanders
Engineers out of college in commercial consulting jobs make Upper $30s/Lower $40s
Jnior project manager out of college with construction management degrees make about the same
And neither will work just 40 hrs/wk
Jnior project manager out of college with construction management degrees make about the same
And neither will work just 40 hrs/wk
Posted on 11/30/15 at 2:22 pm to Serraneaux
So do we know when this goes into effect? is it people whom are salaried less than the threshold make OT until they reach the threshold?
Posted on 11/30/15 at 2:23 pm to tigeraddict
quote:
Engineers out of college in commercial consulting jobs make Upper $30s/Lower $40s
Jnior project manager out of college with construction management degrees make about the same
And neither will work just 40 hrs/wk
I just graduated in May with a engineering degree and work for a GC making $60 and work 70 hours a week.
Posted on 11/30/15 at 4:20 pm to JamalSanders
When I started in public accounting seven years ago in Atlanta my salary was $55k. I have a BS and MS in Accounting. We worked at minimum 50hrs a week, many weeks over 60. Still a great job as the exposure and knowledge gained is priceless. It's just accepted that you get paid shite and work crazy hours for a big payoff when you leave for industry or if you don't want a family life stay for partner.
Posted on 11/30/15 at 4:39 pm to schexyoung
quote:
It's just accepted that you get paid shite and work crazy hours for a big payoff when you leave for industry or if you don't want a family life stay for partner.
I just figured most college graduates with a decent degree would easily clear $50.
Posted on 11/30/15 at 4:42 pm to tigeraddict
The absolute lowest engineering salary I have heard is $45k out of undergrad and this person didn't try at all to get a better job. The low side of engineering is around $50k I'd say.
Posted on 11/30/15 at 4:53 pm to Serraneaux
The comment period is closed. I'm hearing January of 2017... that's right, 2017. The amount will be lowered from the proposed threshold, but it will be adjusted annually from that point on. Also, right now there's no proposal modifying the language defining Exempt, but they can change it before implementation without a new public comment period.
Posted on 11/30/15 at 4:54 pm to jimbeam
If you start at a bank right out of college with no experience I doubt you clear 50k.
I'm a controller and it's going to be a big impact to us as a ad/pr agency with so many young people right out of college.
I'm a controller and it's going to be a big impact to us as a ad/pr agency with so many young people right out of college.
Posted on 11/30/15 at 4:54 pm to JamalSanders
quote:
I just figured most college graduates with a decent degree would easily clear $50.
Sometimes short term pain means more long term gain. I had offers outside of public accounting for more money coming out of college. Most large public accounting firms know they can pay less because they offer something the others don't... diverse industry exposure and subject matter expertise.
Posted on 11/30/15 at 4:58 pm to OldHickory
Thanks. This is going to a be huge deal for us. Are they changing the language from the current exempt language or the proposed exempt language .
Posted on 11/30/15 at 5:00 pm to Serraneaux
It's also 50,400 salary not total compensation for the year as I understand it.
Posted on 11/30/15 at 5:45 pm to Serraneaux
They'll probably change it most in regards to Administrative employees. A lot of mid-level office workers shouldn't be classified as Exempt, but are under the current set-up. I'm not a professional, but I deal with this type of issue in my field.
You should probably find an employment law or FLSA seminar or workshop in your area given by an employment law attorney if you want a true handle on things. There are still a lot of unknowns at this point.
You should probably find an employment law or FLSA seminar or workshop in your area given by an employment law attorney if you want a true handle on things. There are still a lot of unknowns at this point.
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