A Quick Message from Adaptiva HR : What You Need to Know in 2023

• The IRS mileage reimbursement has increased. The 2023 business standard mileage rate is increasing to 65.5 cents, up 3 cents from the 2022 midyear adjustment of 62.5 cents. Here's a link to the pdf from the agency.
• Minimum Wage has also increased. The Vermont Department of Labor has announced an increase to the State’s minimum wage. Beginning January 1, 2023, the State’s minimum wage will become $13.18 per hour. This is an increase of $0.63 from the current minimum wage of $12.55.  
• Steep Cost of Living Increases: Social Security benefits and Supplemental Security Income (SSI) payments have increased by 8.7% in 2023. This is the annual cost-of-living adjustment (COLA) required by law. This is a historic cost of living increase. If you'd like to explore how this factors pay rates and/or salary increases please let us know. We're here to help you navigate this increase of the cost of simply living.
• Do you have any employees living and working remotely? If so, let us know as there are some state-specific laws that you may need to know about that affect employment regulation. 
• Health savings account (HSA) contribution limits for 2023 are going up significantly in response to the recent inflation surge. This affects both individual & family plans. If you offer HSAs, it may be helpful to let your employees know that they can increase their contributions this year. Additionally, if you're looking to add any other benefits to your team (such as a simple retirement plan), we can offer some suggestions we like.