Are you ready for the new minimum wage?

On Friday, July 24, 2009, the federal minimum wage will increase to $7.25/hour. Are you ready? Take this simple quiz:

1. Do you have proper posters that detail the new minimum wage for all your work locations? The same poster for all locations may not be sufficient.

2. Are you prepared for the overtime consequences of a mid-week and/or mid-pay period change in hourly rates? Calculating overtime when the hourly rate changes during the relevant period can be difficult. The money you save by not changing the hourly rate at the beginning of the pay period may be insignificant when compared to the cost of administering payroll for that same period.

3. If you have tipped employees subject to the "Tip Credit," do you have sufficient employee notices posted to qualify for the Tip Credit? A failure to post sufficient notices regarding the Tip Credit could make an employer ineligible for the Tip Credit.

4. Are you monitoring state minimum wage increases? Nearly half of all states have a minimum wage increase scheduled for July 2009, including some states whose increase already became effective on July 1, 2009.

If you cannot answer "Yes!" to each of these questions, we suggest you get started because July 24 will be here before you know it.