Calculating Overtime Correctly - Webinar By TrainHR
Venue: Online Training Webinar
|Event Date/Time: Oct 27, 2011||End Date/Time: Oct 27, 2011|
The importance of being thorough and correct when calculating regular rate of pay to avoid massive Department of Labor penalties is also highlighted as well as its importance in avoidance of suffering damages from civil law suits.
Why you should attend: Calculating overtime is simple, right? Itâ€™s just time and a half! What is so tough about that?
Not so fast. Overtime is based on the regular rate of pay, and calculating the regular rate of pay is more complex than it appears. Whatâ€™s included in the calculation? The reasonable cost of meals, lodging, nondiscretionary bonuses, on-call pay, shift differentials, cash benefit payments from Section 125 Cafeteria Plans, the list goes onâ€¦
And that's just computing the regular rate - we havenâ€™t even touched overtime yet!
Well, what happens if itâ€™s not correct? Nobody pays attention do they?
According to the Department of Labor, 300 new wage and hour investigators were hired in 2009 to respond to complaints and violations. By the end of 2010 the DOL announced they had collected more than $300 million in back wages for more than 385,000 workers.
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! Learn how to protect yourself and your company by joining renowned payroll expert Vicki M. Lambert in this information packed event!
Areas Covered in the Session:
How to calculate the regular rate of pay
The eight narrowly construed exceptions to inclusion of payments in the regular rate
When you must include a bonus in calculating your employeeâ€™s overtime pay
How to handle overtime calculations once you've determined that a bonus qualifies as includable wages
How to calculate the overtime premium
When and how to use the "fluctuating workweek" method
Who Will Benefit:
Attorneys, or any individual or entity that must deal with the complexities and technicalities overtime calculation within the payroll process.