Week 4 -

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School

University of Cincinnati, Main Campus *

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Course

BUS101

Subject

Economics

Date

Feb 20, 2024

Type

docx

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Uploaded by CoachProtonGorilla100

1 Week 4 The Department of Labor is considering raising the minimum salary threshold for employees to be exempt from overtime pay. I think the suggested new threshold of 1059, as mentioned in the article, is still inadequate.(Dol Proposes Substantial Increase to Salary Threshold for Flsa's White Collar Exemptions, n.d.) Another reason I support raising the income threshold is because it guarantees that employees receive adequate compensation for their labor. I also believe focusing on an employee’s actual duties and responsibilities has benefits as well. By focusing on duties, the Department of Labor can protect workers from being misclassified and ensure that overtime pay is reserved for the employees who qualify. An example of this is it may be difficult for small businesses to pay higher compensation to employees. The raised salary threshold would result in higher labor costs for businesses, especially for positions that were previously exempt from overtime pay. Companies may increase the prices of their products or services. Some companies might decide to make changes by redistributing duties to reduce overtime, increasing automation or modifying compensation plans. Companies would have to review and reevaluate their hiring practices, potentially leading to a decrease in the number of new workers and laying off seasoned employees. Employers may increase job responsibilities for their workers to decrease the labor cost for hiring another employee. Also to guarantee compliance with overtime requirements, businesses may need to make adjustments to the salaries of current employees who fall below the new threshold. Companies may decide to make investments in better workforce planning and management systems in order to accurately track employee hours worked and efficiently manage overtime costs. In order to make sure that workers are fairly compensated, the Department of Labor can be

2 most successful if it implemented an approach that considers all of these factors. The Department of Labor should consider the potential impact on both employees and employers before implementing any changes.

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