As July 1st approaches, it's critical for employers to be aware of the new laws coming into effect. At Cornerstone PEO, we've been diligently informing employers about these changes throughout the early part of 2024. It's essential to understand which laws will impact your business to ensure compliance and smooth operations.
The year 2024 has brought numerous federal and state legal changes, including substantial adjustments to minimum wage requirements. We recognize the challenges these changes present, and Cornerstone PEO is here to assist you.
Beyond providing payroll, risk management, and other administrative services, our HR team is dedicated to helping you integrate these new laws into your business processes seamlessly.
Our goal for every Cornerstone PEO client is to equip employers with the knowledge and tools needed to handle compliance effectively so that they can concentrate on growing their business and achieving their strategic goals.
Key Legal Changes
The most impactful law changes that could affect your business include new overtime regulations, consumer privacy laws, and minimum wage adjustments. We've summarized these changes below and provided links to our Cornerstone PEO detailed blogs for further information.
Overtime Rule
The Fair Labor Standards Act (FLSA) includes the federal regulations concerning overtime. Non-exempt employees under this law are entitled to receive overtime compensation for any hours worked beyond 40 in a workweek, at a rate no lower than one and a half times their regular pay rate.
Employees who are not defined as executive, administrative, or professional (EAP) employees will become eligible for overtime pay in addition to their salary once this final rule takes effect.
Consumer Privacy Laws
State data privacy laws, also known as consumer privacy laws, are regulations established at the state level to oversee the collection, utilization, storage, and dissemination of personal information by individuals, businesses, and other entities within the jurisdiction of a specific state. These laws aim primarily to safeguard consumers, whose personal data is collected by businesses and other organizations.
The nationwide adoption of state data privacy laws is poised to reshape the data reporting landscape for countless employers and businesses.Â
Currently, 14 states have signed comprehensive state data privacy laws, including California, Colorado, Connecticut, Utah, Virginia, Delaware, Florida, Indiana, Iowa, Montana, New Jersey, Oregon, Tennessee, and Texas.
Texas, Oregon, and Florida will go into effect beginning on July 1st.
Minimum Wage
Higher minimum wages went into effect on January 1, 2024, with additional increases set for July 1, 2024. These changes will impact numerous business owners and employees across the United States.
Nevada, Oregon, and the District of Columbia will change their minimum wages beginning on July 1st.
Legal Changes Specific to States
We also advise employers to stay informed about specific state law changes that may affect business operations. Whether you operate in a single state or multiple states, being aware of these changes is crucial. Some states even have frequent updates at the county or city level.
One significant change specific to one state is the California Workplace Prevention Plan which will be effective July 1st. The required training within this prevention plan will be extensive and may vary based on your organization and employees. For detailed information on this specific legal change, please refer to our blog linked below.
At Cornerstone PEO, our consistent recommendation is to stay informed about both state and federal laws. Even minor legal changes can significantly impact your business if you are unaware of your obligations as an employer. Staying updated is not only a best practice but essential to maintaining compliance and mitigating risks.
For more detailed information on these changes and how they affect your business, visit our blogs and resources. We are here to support you through every legislative update.
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