Get your Human Resources team prepared to start the year off strong by staying up-to-speed with some of the most talked about HR news stories on the radar in early 2018. Here are 4 stories that HR Managers and Legal Experts are watching closely as we move into the new year:
1. Pay Increases Expected to be Low in 2018
According to report published on the Society for Human Resource Management (SHRM) website, the average American employee can expect to see a 1% pay increase in 2018 (after adjusting for inflation). This is down slightly from 2017 where employees saw an average increase of 1.9%.
2. Mileage Rate Increase Begins January 1st, 2018
Deductible business miles will experience a 1 cent increase per mile effective January 1, 2018. This brings the total deduction up to 54.5 cents for each mile driven for business purposes.
3. H1B Visa Employees May No Longer Be Granted Spousal Work Permits
This is one to watch in 2018, especially for companies who employ a large number of H1B Visa holding employees. Spouses of H1B visa holders are expected to lose their H-4 work permits if the Trump Administration makes long anticipated changes to immigration regulations.
4. IRS Expected to Debut New Withholding Guidelines for Employee Paychecks
New withholding guidelines are expected to be issued by the IRS in early 2018. These guidelines will outline new tax withholding policies and may require employees to complete a new Form W-4.