Employco Blog

The student loan repayment pause has given borrowers a break from paying for a few years, but starting this October, student loan payments will resume. This comes at a time when many American workers are feeling financially strained. Employers are poised to help employees prepare for repayment and help reduce their emotional and financial stress.

However, employers must be cognizant of finding the right balance for their workforce. While loan relief could help organizations attract and retain talent (often younger generations) impacted by student loans, repayment assistance may seem unfair to workers who do not have such debt.

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On Aug. 30, 2023, the U.S. Department of Labor (DOL) announced a proposed rule to amend current requirements employees in white-collar occupations must satisfy to qualify for an overtime exemption under the Fair Labor Standards Act (FLSA).

To qualify for this exemption, white-collar employees must satisfy the standard salary level test, among other criteria. This salary level is a wage threshold that white-collar employees must receive to qualify for the exemption. The DOL is proposing to increase the standard salary level from:

• $684 to $1,059 per week ($35,568 to $55,068 per year); and
• $107,432 to $143,988 per year for highly compensated employees.

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Colorado Law Expands and Clarifies Pay Transparency Requirements – On June 5, 2023, Colorado enacted a new law, Senate Bill (SB) 105, that expands pay transparency and related requirements under the Colorado Wage Equality Law. The new law is effective Jan. 1, 2024. Employers must make reasonable efforts to announce, post or otherwise make all job opportunities known to current employees before making a promotion decision. SB 105 also requires employers to provide current employees with information about the candidate selected for each job opportunity. Read more: Colorado Legal Update

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The U.S. Supreme Court issued several consequential decisions as its most recent term ended, including addressing affirmative action programs in college admissions at Harvard University and the University of North Carolina. While these rulings will likely not directly affect employers, they may impact workplace diversity, equity, inclusion, and belonging (DEIB) initiatives, including how organizations promote and implement them.

• Individual Lawsuits – While the Supreme Court’s rulings did not directly address hiring or employment practices, employers may face increased scrutiny over their hiring practices and DEIB initiatives. This will likely take the form of individual reverse discrimination lawsuits, with applicants or employees claiming to be disadvantaged by an employer’s DEIB initiatives. For example, employers that rely on DEIB programs that impact employment decisions could be at a higher risk of potential litigation than those that simply offer employee resource groups (ERG).

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