July 2024
THE HOME BUILDER
Page Eight New federal overtime pay requirements go into effect today, July 1 The U.S. Department of Labor’s (DOL) new rule increasing the sal - ary level for determining overtime pay requirements for certain salaried employees goes into effect on July 1. Beginning July 1, workers cat - egorized as executive, administrative or professional employees earning less than $43,888 annually will be eligible for overtime pay. Additionally, the salary level will increase to $58,656 on Jan. 1, 2025, marking a nearly 65% increase from the current salary threshold of $35,568, and beginning July 1, 2027, eligibility thresholds will be updated every three years, based on current wage data. Under the Fair Labor Standards Act, salaried workers classified as executive, administrative, profes- sional, outside sales and computer employees are exempt from overtime pay requirements if a worker earns at or above a defined salary level called the “standard salary.” Under the final rule, salaried workers — which often include con- struction supervisors — earning less than the finalized standard salary levels per year will be eligible to receive the standard overtime rate for hours worked over 40 in a workweek. The National Association of Home Builders (NAHB) has remained active on the issue since the rule was first proposed in late 2023, including submitting comments in response to the proposal and joining a coalition of business groups in a lawsuit challeng- ing the final rule. The complaint, filed in the U.S. District Court for the Eastern District of Texas, alleges that the DOL ex - ceeded its statutory authority and acted arbitrarily and capriciously. Additionally, NAHB held a we- binar with more information to help you understand the final rule, the new salary levels and how your business can ensure compliance. Watch the webinar here.
Earn cash with TAB Rebates
Friday, Aug. 16, is the dead - line to submit new claims in the TAB Member Rebates Program. All claims for residential jobs completed April 1 through June 30, 2024, must be made by this time. The TAB Rebates Program is an exclusive membership benefit that each builder and remodeler in the Association can easily imple-
ment.
ume you produce.
The program helps builder and remodeler members put dollars back in their pockets for using prod- ucts that they use each day, part- nering with over 60 of the leading manufacturer brands in the country. It offers the same benefits as a Top 5 Builder rebate program, and the same rebate is offered to mem - bers regardless of how much vol-
The average rebate per build- er/remodeler company who partici- ated in the program last year was $1,586.75. If you are not using the Re - bate Program you are missing out on some easy money! Register for the TAB Mem - ber Rebate program at hbarebates. com/tab.
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