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DOL’s Overtime Rule, Increase in Job Growth, Capital Loan Program, and Businesses Not Offering 401(k) Plans
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Gene Marks delves into various key topics in this episode. He starts by discussing the impact of the Department of Labor's new overtime rule, effective from July 1. The rule not only adjusts financial thresholds for overtime pay eligibility but also emphasizes fair compensation across industries, urging businesses to align with these new norms. View our on-demand webinar at https://go.paychex.com/OT-rule.
Moving on to small business employment trends, Gene highlights an uptick in weekly hours worked but notes a slowdown in hourly wage growth. He also addresses the Small Business Administration's unveiling of a new working capital loan program that provides swift access to working capital through SBA's bank network, distinguishing it from traditional loan offerings.
One crucial aspect Gene touches upon is the provision of 401(k) benefits, essential for employee retention and satisfaction. Despite the benefits these plans offer, a significant number of small businesses, particularly those with 1-50 employees, still do not provide 401(k) benefits.
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The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
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