Press release
Paychex Identifies Top 5 Regulatory Issues for Employers to Watch in 2024
AI, privacy, and wage and hour regulations are critical topics for employers heading into the new year ROCHESTER, N.Y.--(BUSINESS WIRE)-- Paychex, Inc., a
About this update from Paychex, Inc.
[{"type":"text","content":"\nAI, privacy, and wage and hour regulations are critical topics for employers heading into the new year\n\n\n ROCHESTER, N.Y.--(BUSINESS WIRE)--\nPaychex, Inc., a leading provider of integrated human capital management software solutions for human resources, employee benefits, insurance services, and payroll, today released the top five regulatory and compliance-related topics employers should be monitoring heading into 2024. The annual Paychex list is intended to keep business leaders up to date on the regulatory changes that are most likely to impact them in the coming year and why.\n\n\n“We consistently hear from our customers that tracking and complying with changing regulations is one of their top pain points,” said Frank Fiorille, Paychex vice president of risk, compliance, and data analytics. “Some items on this year's watch list, such as AI, will introduce both opportunities and complexities for business leaders to manage. Others, like wage and hour regulations or OSHA standards, will require employers to double-down on requirements.”\n\n\nThe in-house compliance team at Paychex continually monitors laws and regulations at federal, state, and local levels that inform educational content available to customers and updates built into Paychex Flex®, the company’s cloud-based SaaS solution. Paychex has identified the following topics that employers should pay close attention to in 2024:\n\n\n\nArtificial intelligence (AI) regulations: The Biden Administration’s Executive Order on AI established standards for developing and utilizing this emerging technology. Now, Congress and state-level officials have indicated an interest in establishing guardrails for the responsible use of AI in the coming year.\n\n\n\nData privacy and cybersecurity: Five state-level consumer data privacy laws were enacted in 2023, adding California, Colorado, Connecticut, Utah, and Virginia to the list of states with unique data-related legislature on the books. The list will continue to expand in 2024, with at least five more states – Florida, Montana, Oregon, Texas, and Washington – passing privacy laws that will take effect in the coming year.\n\n\n\nWage and hour laws: More than twenty new minimum wage increases will take effect on January 1, 2024, which may affect employers operating in those states or in multiple regions. Fair scheduling ordinanc...