As the economic meltdown worsens, employees facing personal budget crises may go looking for their own financial bailouts—by tapping into 401(k) savings. They may turn to HR pros like you to learn how to take hardship withdrawals or borrow against their investments. There are good reasons to steer them away from treating their retirement nest eggs as rainy-day funds.
Compensation and Benefits
Compensation and benefits topics – whether it’s minimum wage, workers’ compensation laws, or employee pay – if properly handled, can help you retain workers and recruit new ones.
Use our advice to craft independent contractor agreements that keep independent contractors – and your bosses – happy.
Back in 2005, the New Jersey Legislature enacted legislation raising the state’s minimum wage to a rate higher than the federal minimum wage. Now, with the federal minimum set to go up later this year, a state commission is advocating another boost in the state minimum wage.
National Wholesale Liquidators will pay nine South Asian employees $255,000 for subjecting them to a hostile work environment based on their race, national origin and religion, as well as sexual harassment.
A California appeals court has overturned a large punitive damages jury award in a case involving underpaid wages and missed meal and break periods. Had the court upheld the awards, employers would have had a whole new reason to lose sleep over inaccurate payroll records.
In these uncertain economic times, small business owners may think about outsourcing certain payroll duties to third-party service providers. Alert: The IRS is cautioning taxpayers about tax traps in this area. Outsourcing payroll duties doesn’t relieve your company of its obligations to make timely employment tax deposits.
Now may be a good time to review your employee handbook for potential big trouble. The problem: Because handbooks spell out policies that apply to many or all employees, they can be used to justify escalating a simple lawsuit into a class-action suit ...
Oops! Wal-Mart’s paying the largest settlement ever for Fair Labor Standards Act (FLSA) violations—a whopping $640 million! Even small employers can be liable for huge penalties if they violate the wage-and-hour law. That’s why HR Specialist’s upcoming Labor and Employment Law Advanced Practices Symposium features a session titled “Wage & Hour Litigation Rages On—The 10 Most Common Mistakes (and How to Avoid Them)." Meanwhile, here’s a primer on FLSA compliance.
On Jan.1, the hourly minimum wage increased in 11 states. The federal minimum, currently $6.55 per hour, is scheduled to increase on July 24 to $7.25.
Watch out if you ever fine employees, force them to pay others to perform work they can’t finish or make them provide their own equipment. Those expenses may cause them to earn less than the minimum wage.