ConnectPay Payroll Services’ Post

Event Alert 📢 On July 1, the salary threshold for exempt employees will rise to $43,888 per year, followed by an increase to $58,656 on January 1, 2025. Are you ready? Join IPA for an all-member call regarding the new compensation regulations. Jeremy York from InvigorateHR will provide insights on how to adapt to these new rules, ensuring you're prepared to classify employees and manage compensation effectively. https://lnkd.in/gN4RD7r8

We all deserve to get paid well for a hard day’s work, regardless of our job classification or the number of hours we work. Employers can struggle with determining what that fair pay should look like and how it will align with the budget. To set guidance, federal and state laws are established to line out minimum wages for hourly non-exempt, as well as salary exempt positions. There is one change coming up soon. Effective July 1, 2024, a final ruling goes into play, increasing standard salary level for exemption, and the total annual compensation requirements for highly compensated employees. And another increase to be effective January 1, 2025. Is your organization up on the new requirements? Check out my blog post https://wix.to/h1ADm8A #newblogpost

Does the employer deduct salary for coming in late? Is it allowed? The answer is yes, BUT not through indiscriminate deductions. If you're late by 5 minutes, deduct the salary for 5 minutes; if you're late by 10 minutes, deduct the salary for 10 minutes. Not a flat deduction of RM100. Check the calculation method: Let's consider an employee who is 10 minutes late with a monthly salary of RM2,500. Hourly wage: RM2,500 / 26 days / 8 hours = RM12.01 Per-minute wage: RM12.01 / 60 minutes = RM0.20 RM0.20 x 10 minutes late = RM2 Now, do you understand? Share it! Usually, employers who don't perform these calculations either don't want to bother, pretend not to know, or want to intimidate employees into not being late. But for those who are consistently late, come on lah, bro. You're working to earn a living. Do your job properly. I don't deny that there are employers who bend the rules, but there are also employees who misbehave. Let's not point fingers at others and let's reflect on ourselves too.

🚨 New FLSA Rule Alert: Minimum Salary Threshold Increases 🚨 Attention HR professionals and business leaders! The Department of Labor has announced significant updates to the Fair Labor Standards Act (FLSA). Starting July 2024, the minimum salary for exempt employees will increase to $844 weekly, reaching $1,128 by January 2025. This adjustment ensures that the compensation remains fair and competitive. Ensure your payroll systems and employee classifications are updated to comply with these new thresholds. Let’s stay ahead of these changes to maintain seamless operations and legal compliance! 🔗https://lnkd.in/gy6f2c3z

On April 23, the U.S. Department of Labor published its long-awaited final rule (“Final Rule”) that will update the salary thresholds for “white-collar” exemptions (e.g., executive, administrative, professional, outside sale, and computer employees) and highly compensated employees. In short, the Final Rule increases the base salary level required to qualify for the payment of an exempt salary by more than 20 percent, with that amount to increase further by January 2025 and thereafter. Learn more at: https://lnkd.in/djzxBgNE

📢 Important Announcement: From July 1, 2024, the National Minimum Wage will increase by 3.75% to $915.90 per week or $24.10 per hour. Minimum award wages will also rise by 3.75%. Keep an eye on the Fair Work website for new pay guides and be sure to update your payroll system starting from the first full pay period after 1 July. #MinimumWage #FairWork #BalancedBeans

While planning for 2025, join our webinar on Oct 29 and gain insights to support your strategy!

July kicked us off with new changes! January is bringing more; are you ready and aware of these time and labor management changes?! Reach out and I will get you connected ⌚️ #adp #workforcemanagement #timeandlabor #flsa

Each & every year, Staffing agencies have the joy of projecting their workers' compensation payrolls + class codes, as well as going through the normal annual audit process for the most recently expired policy term. What should the staffing agency be mindful to make sure is included in their projections? What should not be included? One of my Staffing team colleagues simplified all of the above in this blog post: https://lnkd.in/eRZxunSK

From allowances to bonuses, understanding your salary's composition is key to financial empowerment! 💪 Join us as we break down salary components and structure, empowering you to make informed decisions about your career and finances. #SalaryWisdom #FinancialLiteracy #PayWheel #hrsoftware #payrollmanagement #hrms #ctc