While there are no significant employment law changes effective in 2023 from a federal mandate, employers still need to be aware of any legislative changes on state or local levels.
Nationally, no major changes are slated for 2023 with the Fair Labor Standards Act (FLSA) still establishing minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector, and in federal, state, and local governments.
A year ago the think tank the Conference Board surveyed American businesses and found that companies-- facing the gauntlet of rising inflation and a historically tight labor market – were setting aside 3.9 percent of their 2022 payroll budgets for employee raises.
Now that your 2021 taxes are officially filed, it is not too early to start thinking about next year’s 2022 tax return.
The U.S. economy continued its strong recovery with an Aug. 6 report that showed almost one million jobs added in July and unemployment falling to 5.4 percent, but inflation fears linger for businesses who face the prospect of rising wages.
U.S. inflation rates, as calculated by the Consumer Price Index (CPI) published monthly by the Bureau of Labor Statistics (BLS), have risen for five straight months, hitting 5.4 percent in June, the highest levels recorded since the summer of 2008.
The Texas Workforce Commission (TWC) set the 2021 employer’s unemployment insurance (UI) tax rate in mid-June after a four-month delay as the state waited to see how the economic recovery progressed before setting Texas State Unemployment Tax Act (SUTA) Rates. The rate set is retroactive to January 1 for all employers in the state.
