The Net Lender has announced that they have hired a new agency to assist them with new minimum wage requirements. The company recently stated that they have hired an agency to review internal hiring guideline and compliance issues in California with the new requirements for minimum wage.
A representative for the company says, “We felt that it was necessary to bring in someone with experience in these issues. The new minimum wage requirements are strict and we want to be certain that our employees are receiving all of the benefits that they are entitled to receive. We have hired this agency to assist us going forward with meeting the regulations in California for our employees.”
The minimum wage in California was $11.50 for all employees. Beginning on January 1, 2019 however, new regulations are in place to boost the minimum wage for employees in the state each year based on the CPI or Consumer Price Index. The Federal minimum wage is currently set at $7.25 per hour. California has a state regulated minimum wage that is a bit higher than other states. Employees in California enjoy a higher minimum wage because they live in a state that has established this higher wage. Most California employees are entitled to this higher wage, which is set to increase every year as the cost of living increases.
Different cities and counties in the state may also have higher minimum wage requirements depending on the laws and regulations for those areas. California law has established annual minimum wage increases that will be in effect until 2023. These increases are set to take place on the first of January each year. The minimum wage is affected by whether or not employers have 25 or fewer employees or more than 25 employees.
“It can be confusing,” says the representative for TNL. “We want to comply with these new regulations and we want our employees to feel as if we appreciate them and what better way to show that than to pay them the minimum wage to which they are entitled? We feel that hiring this outside agency to help us to comply is the best way to ensure that our employees are happy and that we meet these new laws.”
After 2023, regulations are in effect that will ensure that the minimum wage in California is adjusted each year. This adjustment is made by a formula that is tied to the CPI. If however, in any year the governor decides that the current economic conditions do not support an increase in the state’s minimum wage, those wage increases may be suspended for that year. TNL says that these regulations can be very confusing, particularly for companies that have other things to be concerned with such as operating their business. The company states that a professional agency with experience in adjusting minimum wage for employees and keeping up with these laws and regulations will help them to meet those compliance issues and ensure that they are meeting the state laws.
Companies that are not in compliance with the state’s regulations regarding minimum wage could face fines and other legal ramifications. TNL says that they want to avoid any legal action by the state with regards to meeting those requirements and at the same time, ensure that their employees feel appreciated for the work that they are performing. The company says that their goal is to be as fair as possible and to ensure that all of their employees are happy with their compensation.
Federal minimum wage requirements may also change in the very near future, ensuring that all states meet a certain wage limit. $15 per hour is the amount that most states are leaning towards but not all states are considering such a huge jump at the moment. Some states, such as Tennessee, Kentucky and others do not feel as if they need such high minimum wages because the cost of living in these states is much lower than in states like California and New York. Employees in these states may not see these higher increases for several years. California however, is already on the way to meeting that $15 per hour standard. TNL says that they have no problem in paying their employees what they feel they need to survive and say that hiring a professional agency to help them with these changes is best for the company and their employees.
Those who are interested in learning more about the new minimum wage laws in California and other states and what is prompting these increases can go here to learn more.
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For more information about The Net Lender, contact the company here:
The Net Lender
888-539-2184
The Net Lender California
