This book explores the Department of Labor (DOL) finalized a new rule (RIN 1235-AA43) in January 2024 that clarifies how workers are classified as employees or independent contractors under the Fair Labor Standards Act (FLSA). This is significant for freelancers, gig workers, and independent contractors because the FLSA dictates minimum wage and overtime eligibility. The new rule replaces prior guidance from 2021 and places more emphasis on a worker's economic dependence on the employer.
The core question is whether a worker is in business for themselves or economically dependent on a company for work. The DOL outlines six factors to consider, including the opportunity for profit or loss, investment by each party, permanence of the work relationship, and the level of control exerted. This replaces the earlier emphasis on a worker's control over their work.
While the final rule offers more clarity, some independent contractors may still worry about being reclassified as employees. To strengthen their independent contractor status, they should focus on factors like having their own business entity, setting their own rates, and working for multiple clients. They should also avoid close supervision and control by any one company.
Overall, the new DOL rule aims to ensure workers receive the benefits they deserve under the FLSA. Freelancers and independent contractors can navigate this landscape by understanding the six factors and taking steps to solidify their economic independence.
This book covers:
- Explains the new DOL rule in easy to understand terms.
- Why the Biden Administration proposed such sweeping changes.
- A quiz that you can take to see if your current freelance job is actually a freelance job or regular job
- Steps you can take now to keep the freelance work designation.
- Provides a list of 502 freelance jobs that can provide you security.
- How you can protect your income by keeping great business records.
- Additional resources for understanding your rights.
This book explores the Department of Labor (DOL) finalized a new rule (RIN 1235-AA43) in January 2024 that clarifies how workers are classified as employees or independent contractors under the Fair Labor Standards Act (FLSA). This is significant for freelancers, gig workers, and independent contractors because the FLSA dictates minimum wage and overtime eligibility. The new rule replaces prior guidance from 2021 and places more emphasis on a worker's economic dependence on the employer.
The core question is whether a worker is in business for themselves or economically dependent on a company for work. The DOL outlines six factors to consider, including the opportunity for profit or loss, investment by each party, permanence of the work relationship, and the level of control exerted. This replaces the earlier emphasis on a worker's control over their work.
While the final rule offers more clarity, some independent contractors may still worry about being reclassified as employees. To strengthen their independent contractor status, they should focus on factors like having their own business entity, setting their own rates, and working for multiple clients. They should also avoid close supervision and control by any one company.
Overall, the new DOL rule aims to ensure workers receive the benefits they deserve under the FLSA. Freelancers and independent contractors can navigate this landscape by understanding the six factors and taking steps to solidify their economic independence.
This book covers:
- Explains the new DOL rule in easy to understand terms.
- Why the Biden Administration proposed such sweeping changes.
- A quiz that you can take to see if your current freelance job is actually a freelance job or regular job
- Steps you can take now to keep the freelance work designation.
- Provides a list of 502 freelance jobs that can provide you security.
- How you can protect your income by keeping great business records.
- Additional resources for understanding your rights.
Independent Contractor or Worker, The New Classification Rule in the USA:: Freelance, Side Gig, Side Hustle
Independent Contractor or Worker, The New Classification Rule in the USA:: Freelance, Side Gig, Side Hustle
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Product Details
BN ID: | 2940186193234 |
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Publisher: | Barnes & Noble Press |
Publication date: | 05/13/2024 |
Sold by: | Barnes & Noble |
Format: | eBook |
File size: | 313 KB |