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Calculating Overtime as per DOL’s Final Overtime Rules 2024: How to Get it Right

Overview:

The U.S. Department of Labor released a final rule on April 23, 2024, raising the salary threshold to qualify for certain overtime exemptions under federal law. Most importantly, it significantly raises the minimum salary threshold for certain “white collar” workers—executives, professionals, and administrative personnel.

This webinar discusses how to calculate overtime under the FLSA rules for non-exempt employees. It includes definitions of overtime and calculation examples. The new rules for overtime under the DOL, which take effect on July 1, 2024 will be included in the webinar.

 

Background:

Calculating overtime pay for non-exempt employees sounds so simple. Common folk lore says you simply count the hours the employee works beyond 40 hours a week. Then you multiply that by 1.5 times their hourly pay rate and you’re done right? Not so fast. The truth is that overtime rules and the mathematics required to arrive at the correct calculation can be extremely tricky. Overtime under the Fair Labor Standards Act is based on a unique term, created in 1938, known as the regular rate of pay. And calculating the regular rate of pay is more complex than it appears. What’s included in the calculation?

Then what happens if you get it wrong? Nobody pays attention, do they? Penalties for overtime violations can be severe with the possibility of fines, imprisonment or both! Add civil suits to the mix and the results can be devastating to any business no matter how large or small! And just to make it interesting, most states use the same definition to calculate overtime as the FLSA does. So, one error can earn you double the penalties.

 

Areas covered in this Webinar:

· The new rules for overtime under the DOL, which take effect on July 1, 2024
· What is the definition of overtime under the FLSA – it’s not what most people think
· What is the Portal-to-Portal Act and how does it affect overtime
· How to calculate the regular rate of pay
· Tracking hours worked and the use of rounding practices
· The eight narrowly construed exceptions to inclusion of payments in the regular rate
· When you must include a bonus in calculating your employee’s overtime pay
· What is the overtime premium and how is it calculated
· How to calculate overtime if a bonus covers more than one workweek
· Using the weighted average method to calculate overtime when and where it must be done
· When and how to use the “fluctuating workweek”
· When can the “alternate” method of calculating overtime be used

Suggested Attendees:

· Payroll Executives/ Managers/ Administrators/ Professionals/ Practitioners/ Entry Level Personnel
· Human Resources Executives/ Managers/Administrators
· Accounting Personnel
· Business Owners/ Executive Officers/ Operations and Departmental Managers
· Lawmakers
· Attorneys/ Legal Professionals
· Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues

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