New DOL Rule & How Asure Software Can Help!
🗣 Calling all small businesses with salaried employees!
The Department of Labor (DOL) just increased the minimum salary threshold for overtime exemptions. This kicks in on July 1st, so time is ticking! ⏰
** The Impact: Potential Rise in Worker's Comp Costs**
Previously exempt salaried workers (those earning below the new threshold) might now qualify for overtime pay. This could increase your overall payroll, potentially impacting your worker's compensation costs.
️ 📅 Key Dates to Remember:
1️⃣ July 1st, 2024: The minimum salary for overtime exemption jumps to $43,888 annually.
2️⃣ January 1st, 2025: The threshold rises again to $58,656 annually.
✅ How Asure and our partnership with E-COMP, National Pay-Go Program to the Payroll Industry can help you stay compliant and save:
🤝 Asure has partnered with ECOMP Now, a leader in pay-as-you-go workers comp solutions, to help businesses navigate these changes.
🎁 Here's how ECOMP Now benefits you:
1. Flexible Coverage: Pay only for the workers comp coverage you use based on actual payroll expenses. This adapts to fluctuating payroll caused by the new overtime regulations.
2. Reduced Upfront Costs: Unlike traditional plans with estimated premiums, ECOMP Now eliminates upfront costs.
3. Potential Workers Comp Savings: Newly overtime-eligible workers might not have been previously covered under workers comp, reducing the risk of uncovered claims.
🏹 ** Take Action Today!**
Proactively review your salaried employees' classifications and explore options with ECOMP Now through Asure. Ensure compliance with the DOL's new ruling and optimize your workers comp costs. DM me for more information.
#DOL #Overtime #WorkersComp #Compliance #Asure
🎙️“There are people that just ignore their audit. Which is always a terrible idea.”🎙️
This week on Mission to Grow, Mike Vannoy sat down with Vice President of Partner Strategy at E-COMP, National Pay-Go Program to the Payroll Industry , Robert Campbell.
Mike and Robert delve into what pay as you go workers comp is, and how it can save your business money. Robert also shares why you should ask all 1099 contractors to carry their own workers comp, and how automatic integrations can save time and cut down on errors.
Listen along to the full episode with the links below!
Transistor: https://lnkd.in/eJufqmVJ
Spotify: https://lnkd.in/eX9dfcJp
Apple Podcasts: https://lnkd.in/eD5b8dKZ
Youtube: https://lnkd.in/gxSUMKMV
#Podcast #MissiontoGrow #Asure #HumanResources #HRCompliance #Payroll #TaxManagement #Growth #Capital #Compliance #ManagingTalent #WarforTalent #HCM #HumanCapitalManagement
