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What Nevada Businesses Need to Know About the Increasing Minimum Wage

by Manufacture Nevada

Upcoming Nevada Pay Increases: Key Information for Employers

As a Nevada employer or business, are you aware of the new changes regarding minimum wage and overtime that are set to take place next month?

Nevada Minimum Wage Increase

Effective July 1, 2024, the minimum wage in Nevada is set to increase to $12.00 an hour. Other states, such as California, have already increased their minimum wage up to $20.00 per hour.

New Overtime Rates

Also effective on July 1, 2024, employees who make less than $18.00 per hour are entitled to overtime of time and a half for all hours worked over eight in any workday. Additionally, employees who make over $18.00 per hour are entitled to overtime of time and a half for all hours worked over 40 in a workweek.

The Elimination of the Two-Tier Minimum Wage System

On Nevada Ballot Question 2, which was passed by voters in November 2022, eliminates a reduction in the required minimum wage if an employer offered qualifying health benefits.

Ban of Non-Compete Agreements

Non-compete agreements, which are contracts between employers and workers that block workers from being employed with a competing business after leaving the employer's company within a geographical area, has not been passed by the Federal Trade commission (FTC). Non-complete agreements are designed to protect the employer's business interests and reduce potential competition. The ban will go into effect 120 days after the rule is published in the Federal Register, and legal action to block implementation is likely. Under this new rule, the FTC will address a sweeping ban on all new non-compete agreements with workers at all levels, including senior executives. Additionally, previous non-compete agreements will be unenforceable.

How the Increase Might Impact Regional Trends

LVGEA shared May's Economic Snapshot, describing the various positive trends for incomes, wages, retail sales, and tourism in southern Nevada. Some notable statistics include:

  • Median Household Income: $70.2K; +4.2% VS. prior year
  • Currently in the Labor Force: 1.20M; + 1.4% VS. prior year
  • Labor Force Employment: 1.14M; + 1.7% VS. prior year
  • Taxable Retail Sales: $65.8B; +3.7% VS. prior year

It will be interesting to see how this changes alongside the minimum wage increase. If you're a small and medium-sized manufacturers who is interested in discussing how these workforce changes might affect your operations or employee development, reach out to one of our Business Advisors today.

Content from this blog was sourced from LVEGA and Nevada Business Advisors

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