As the the calendar flipped to 2014, many important changes went into effect. Is your small business up to date?
On December 31, 2013, the minimum wage in New York State increased to $8.00. For most employees, overtime must be paid for any hours over 40 in a week at a rate of 1 ½ times the hourly rate. All employers must display a minimum wage poster in their workplace.
Important changes in Unemployment Insurance also went into effect on January 1, 2014. These changes include expanded work search requirements for claimants, an adjusted wage base for employer contribution rates, limits on dismissal/severance pay and increased earnings requirements in order for claimants to qualify or re-qualify for benefits.
January 1, 2014 also brought significant changes to the Workers Compensation system. Multiple assessments will now be combined into one bill and the Re-Opened Case Fund will be closed to new claims on January 1, 2014. These changes are expected to lower costs of assessments in 2014 by 25% and save all New York State employers over $300 million.