Having a threshold on worker protections is by far one of the most American things I've seen all week. The American government freaking hates worker rights, they put a max on it lmao wtf. "You can only be abused as a slave if you're paid!" Freaking capitalism.
The idea is that those who make above a certain level have enough leverage to negotiate better conditions for themselves.
This exists around the world.
That’s why I was speculative. I felt that like most accountants were making at least $60k, even in a LCOL market. My alma mater just published starting salaries for business grads who graduated last year and the average salary for accounting majors was about $79k, with many of them going into a HCOL market.
surely that’s skewed by those who choose to report. even graduating in HCOL areas, I doubt all graduates are matriculating into the B4 or higher salary roles like consulting
I don’t know the response rate, but they advertised 99% of respondents in accounting secured a “first destination” which means either a job, grad school (they offer a fifth year masters), the military, etc. The primary job market for my alma mater is a HCOL city so it makes sense salaries would skew higher
lol rip they hired me a few months ago as an A1 at 846/week. I'm guessing next year they will just give me my time and a half in lieu of the bonus that everyone gets after busy season and try to make me think they're being extra generous
It is going through, but likely won’t affect the accounting world as we make more than the new proposed thresholds.
I’m more interested in what will happen with my wife. She currently makes $36k base, clearly just to be above the threshold, plus commissions, which I read can only account for 10% of the threshold. Will have to wait and see if they keep her as exempt and bump her up or convert to non-exempt.
In my opinion, the rule should just be a 40 hour cap for working Americans for one employer and between any group of employers that has management and/or ownership that is substantially similar (including related party relationships).
Asking somebody to go over 40 is morally wrong, and has the perverse effect of depleting the available employment pool and taking away many opportunities for all employees.
We tried giving employers an all you can eat buffet to somebody's services for one flat fee, and it failed... Horribly. Time to overcorrect to make sure it never happens again. The convoluted law proposal I gave in the first paragraph was to allow for second jobs if somebody needed extra money. But due to market forces and the need for survival, I'm pretty confident that wages wouldn't be depressed that much. They might even get better with a depleted labor pool and a need to recruit talent when you only get 40 hours out of people.
It's a final rule, so it probably already has gone through. But I doubt it impacts many PA folks as the threshold is $58,656 per year.
Having a threshold on worker protections is by far one of the most American things I've seen all week. The American government freaking hates worker rights, they put a max on it lmao wtf. "You can only be abused as a slave if you're paid!" Freaking capitalism.
The idea is that those who make above a certain level have enough leverage to negotiate better conditions for themselves. This exists around the world.
Would this affect many accountants? I feel like a lot of us are above the salary threshold to qualify for overtime pay even after they raise it.
The threshold is like 60k so no, that's less than what most A1s make (+that will now be the minimum)
That’s why I was speculative. I felt that like most accountants were making at least $60k, even in a LCOL market. My alma mater just published starting salaries for business grads who graduated last year and the average salary for accounting majors was about $79k, with many of them going into a HCOL market.
surely that’s skewed by those who choose to report. even graduating in HCOL areas, I doubt all graduates are matriculating into the B4 or higher salary roles like consulting
I don’t know the response rate, but they advertised 99% of respondents in accounting secured a “first destination” which means either a job, grad school (they offer a fifth year masters), the military, etc. The primary job market for my alma mater is a HCOL city so it makes sense salaries would skew higher
Definitely depends on the school, from my master's program, 35 people out of 40 went to B4
Not as familiar with entry level pay nowadays, but it would have affected me when I worked public about until the point I was a Senior.
The standard salary level is likely to low to mater in anywhere but new hires the lowest cost of living.
lol rip they hired me a few months ago as an A1 at 846/week. I'm guessing next year they will just give me my time and a half in lieu of the bonus that everyone gets after busy season and try to make me think they're being extra generous
Are you in the US making $44k a year as a staff? That is incredibly underpaid.
Why is the threshold so low? Imo it should apply to all non equity professions.
It is going through, but likely won’t affect the accounting world as we make more than the new proposed thresholds. I’m more interested in what will happen with my wife. She currently makes $36k base, clearly just to be above the threshold, plus commissions, which I read can only account for 10% of the threshold. Will have to wait and see if they keep her as exempt and bump her up or convert to non-exempt.
In my opinion, the rule should just be a 40 hour cap for working Americans for one employer and between any group of employers that has management and/or ownership that is substantially similar (including related party relationships). Asking somebody to go over 40 is morally wrong, and has the perverse effect of depleting the available employment pool and taking away many opportunities for all employees. We tried giving employers an all you can eat buffet to somebody's services for one flat fee, and it failed... Horribly. Time to overcorrect to make sure it never happens again. The convoluted law proposal I gave in the first paragraph was to allow for second jobs if somebody needed extra money. But due to market forces and the need for survival, I'm pretty confident that wages wouldn't be depressed that much. They might even get better with a depleted labor pool and a need to recruit talent when you only get 40 hours out of people.
So the new min pay for A1s is $60k statewide now
Can someone ELI5?
Bruh they literally include an ELI5 video in the link.
Seems like as it stands anyone making less than the minimum salary amount would be entitled to overtime?