It is hard to believe that the 2023 holiday season is upon us. We have so much to be thankful for this year. As many non-profits have closed down post-Covid and from economic uncertainty, GEA remains steadfast in our mission to provide superior services to our membership throughout the Great State of Georgia. Special thanks to our members for your support during these trying times.
I hope you are able to find the time to spend with someone special this holiday season.
From the Board of Director's of GEA and me personally, thanks to all of our members/sponsors/trainers and support people for your unwavering support this year. I am looking forward to a successful 2024 as we return to in-person activities/conferences/workshops. The best is yet to come!!!
Buddy McGehee GEA Executive Director | Georgia's Unemployment Remains Unchanged as Labor Force Reaches Record Highs Georgia Labor Commissioner Bruce Thompson announced today that Georgia's October unemployment rate was 3.4 percent, unchanged from a revised 3.4 percent in September. The unemployment rate was five-tenths lower than the national unemployment rate.
"Georgia is where talent meets opportunity, and opportunity lifts up talent," said Commissioner Bruce Thompson. "As we entice diverse industries to establish roots within the state, it is crucial to continue cultivating a highly skilled workforce capable of meeting surging job demands while not simply moving talent around between industries. By cultivating an economy that empowers people, Georgia will continue to maintain our status as a beacon of hope and opportunity for all." Jobs were down by -1,100 (-0.0%) over the month and up by 93,400 (1.9%) over the year to 4,937,300. The job loss was the first recorded in 12 months, when jobs fell by -2,700 in October 2022. Job numbers were at an all-time high in Private Education and Health Services, 674,600, and Leisure and Hospitality, 530,700.
The sectors with the most over-the-month job gains included Health Care and Social Assistance, 4,300; Management of Companies and Enterprises, 1,600; Accommodation and Food Services, 1,200; Professional, Scientific, and Technical Services, 800; and Arts, Entertainment, and Recreation, 700. The sectors with the most over-the-year job gains included Accommodation and Food Services, 32,200; Health Care and Social Assistance, 29,600; Local Government, 7,700; Real Estate, Rental, and Leasing, 6,200; and Specialty Trade Contractors, 5,000.
The labor force was up by 9,862 to 5,349,119, an all-time high, and was up by 116,549 over the past 12 months. The labor force participation increased to 61.6 percent, and is up from 61.0 percent since the beginning of the year.
The number of employed was up by 5,890 to 5,166,160, an all-time high, and was up by 96,439 over the past 12 months. The employment-to-population ratio was unchanged at 59.5 percent. In October, 83,000 job listings were online for Georgians to access. The top five employers included Piedmont Healthcare, 1,250; Walmart, 1,125; Emory Health Care, 975; Randstad, 825; and Wellstar Health System, 725.
The top five industries included Health Care, 11,275; Retail Trade, 9,325; Administrative and Support Services, 7,525; Professional, Scientific, and Technical Services, 6,425; and Accommodation and Food Services, 6,250.
The top five occupations included Health Care, 14,150; Sales, 11,375; Hospitality, Food, and Tourism, 8,100; Business Management and Operations, 7,825; and Information Technology, 5,775. Initial claims were up by 704 (3%) over the month to 21,669 in October. Initial claims were up by 750 (4%) over the year.
Contact Georgia Department of Labor Communications Office
Communications@gdol.ga.gov
(404) 232-3685
| | Employees will be able to sock away more money into their 401(k)s next year. Starting in 2024, employees can contribute up to $23,000 into their 401(k), 403(b), most 457 plans or the Thrift Savings Plan for federal employees, the IRS announced Nov. 1. That's a $500 jump from the 2023 limits.
The catch-up contribution limit for employees ages 50 and older who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan will remain at $7,500, the same amount in 2023.
The limit on total employer-plus-employee contributions to defined contribution plans will increase to $69,000 in 2024, up from $66,000 in 2023.
The 401(k) contribution boost for 2024 is lower than the $2,000 jump that occurred for 2023, but is still significant for the many employees who are falling short of their retirement goals. Data out in April from the Employee Benefit Research Institute (EBRI) and research firm Greenwald Research found that both workers' and retirees' confidence in having enough money to live comfortably throughout retirement significantly dropped from 2022's numbers, falling to 64 percent from 73 percent among workers and to 73 percent from 77 percent among retirees. That's the biggest decline in confidence since 2008, said Craig Copeland, director of wealth benefits research at EBRI.
Inflation is making matters worse. Although high cost-of-living has eased over the past year from its red-hot pace, a significant 62 percent of workers see inflation as an obstacle to saving for a comfortable retirement—a big jump from 45 percent last year, according to data from Charles Schwab.
Although inflation concerns mean many employees will not be able to fund their 401(k) accounts up to the maximum, HR professionals will want to convey the news to their workforce and encourage them to consider deferring more money into their accounts to help pad long-term savings.
Defined Benefit Plan Limits The IRS also announced defined benefit plan limits for 2024. Effective Jan. 1, the maximum annual benefit that may be provided through a defined benefit plan is $275,000, up from $265,000. For a participant who separated from service before Jan. 1, the participant's limitation under a defined benefit plan under section 415(b)(1)(B) is computed by multiplying the participant's compensation limitation, as adjusted through 2023, by 1.0351, the IRS said.
IRA Limits Meanwhile, the IRS also raised the limit on annual contributions to an IRA to $7,000, up from $6,500 in 2023.
The IRA catch‑up contribution limit for individuals ages 50 and over is not subject to an annual cost‑of‑living adjustment and remains $1,000, the IRS said. Although personal IRAs are not employer plans, the amount that account holders can contribute annually is affected by whether they have a workplace retirement plan and how much they earn. Details on these and other retirement-related cost-of-living adjustments for 2024 are in Notice 2023-75PDF, available on IRS.gov. | |
Employers are required to use the latest version of Form I-9..
The new form from U.S. Citizenship and Immigration Services has been available for use since August but becomes mandatory for all employers as of Nov. 1.
The new I-9 does not make any new changes to employer or employee obligations involved in the verification of work authorization. Cosmetic changes include the reduction of Sections 1 and 2 to a single page, slight revisions to the Lists of Acceptable Documents, and a new box that eligible employers must check if the employee's documents were examined remotely under the newly authorized alternative procedure for qualified E-Verify employers.
"Historically, employers were required to physically examine an employee's original identity and work authorization documents for Form I-9, which created compliance challenges for many employers with remote hires," said Jang Hyuk Im, a partner in the San Francisco office of Fisher Phillips. To remedy this problem, the Department of Homeland Security (DHS) created a framework to authorize alternative document examination procedures as an optional method to the in-person physical document examination method, he said.
"Even with the new improvements, the Form I-9 remains deceptively simple," Im said. "Any time a one-page form requires eight pages of instructions, two supplements, a 146-page handbook on how to complete the form, and the potential for significant monetary and criminal penalties, it will continue to present a significant compliance challenge for employers." He added that this is a good time to update training and policies related to the I-9 and the E-Verify process.
"If your company uses an electronic I-9 provider, contact the provider now to ensure its system incorporates the new changes and complies with DHS requirements, including audit trails," Im said. "It is also an opportunity to evaluate the advantages and disadvantages of E-Verify to determine if your company should take advantage of the remote verification option for E-Verify employers." | | | Seminar/Workshop/Training Schedule for 2024 | 2024 Training Programs will be announced the first week in December with in-person GEA/Humphries Leadership Training programs, The Focus Group Webinar Series, Constangy Monthly Legal Update Series, and anticipated SHRM Certification Programs. In addition, a organization/company security/disaster preparedness program is under consideration. We are looking forward to the new year and our return to in-person training programs. If you have suggestions for new programs please give Buddy McGehee a call, 478-722-8282, or email, director@georgiaemployers.org. |
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