UZIO Announces Next Day Tip Payout Feature for the Restaurant Industry

Posted on by Vivek Agarwal
UZIO Announces Next Day Tip Payout Feature for the Restaurant Industry

Great Falls, VA.  May 25, 2023

UZIO, unveils Next Day Tip Payout Feature, Revolutionizing Payroll for the Restaurant Industry.

UZIO, the leading provider of innovative payroll technology solutions, is thrilled to announce the release of its groundbreaking Next Day Tip Payout feature, designed specifically for the restaurant industry. This revolutionary feature promises to transform the way restaurants handle tip distribution, ensuring timely and equitable compensation for employees.

In the fast-paced world of restaurants, UZIO recognizes the importance of efficient and fair tip management. With the Next Day Tip Payout feature, restaurant owners and managers can now effortlessly streamline the process of distributing tips earned by their hardworking staff, eliminating unnecessary delays and enhancing employee satisfaction.

Key Benefits of UZIO’s Next Day Tip Payout Feature:

  1. Timely Compensation: UZIO’s Next Day Tip Payout ensures that restaurant staff receive their hard-earned tips promptly, addressing their financial needs and providing peace of mind. By leveraging UZIO’s advanced technology, employers can now distribute tips on the very next business day.
  2. Fair Distribution: UZIO’s innovative solution enables equitable distribution of tips among the entire restaurant team. By accurately tracking and allocating tips based on established pooling or sharing policies, UZIO ensures that each employee receives their fair share, recognizing their contributions to the overall dining experience.
  3. Enhanced Employee Satisfaction: UZIO understands that motivated employees are the key to a successful restaurant. By facilitating a seamless and prompt tip payout process, UZIO’s Next Day Tip Payout feature boosts employee morale, motivation, and job satisfaction, contributing to a positive work environment.
  4. Simplified Payroll Management: UZIO’s comprehensive payroll platform integrates the Next Day Tip Payout feature seamlessly, simplifying payroll management for restaurant owners and managers. The intuitive interface allows for easy configuration and customization, ensuring a hassle-free experience.

“At UZIO, we are committed to providing innovative solutions that address the unique challenges faced by businesses in various industries,” said Sanjay Singh, CEO of UZIO. “The Next Day Tip Payout feature empowers restaurant owners and managers to streamline their tip distribution process, ultimately benefiting both employers and employees.“

UZIO’s Next Day Tip Payout feature is now available to restaurant owners and managers seeking to optimize their payroll processes. To learn more about this solution and how it can transform your restaurant’s operations, please visit www.uzio.com

About UZIO:

With over 150+ broker partners, 1700+ Employers relying on UZIO and 70+ carriers serving plans, UZIO offers an Integrated HR, Benefits Administration, and Payroll technology platform for brokers, employers, and employees in the SMB space. UZIO enables SMBs to manage HR and compliance with its user-friendly platform and advanced features.

UZIO Product Updates, May 2023

List of 2024 Federal Holidays for Small Businesses That You Need To Know

Posted on by Vivek Agarwal
List of 2024 Federal Holidays for Small Businesses That You Need To Know

Quick links

There are two types of federal holidays in the United States.

First, there are paid holidays that are required by law to be observed by all private and government employers—these include holidays such as Labor Day and Veteran’s Day that commemorate events of national importance.

Then there are those holidays that are simply days off—holidays such as New Year’s Day and Independence Day that celebrate significant events in American history—which might or might not be observed depending on the individual employer’s practices.

Here’s a full list of federal holidays in 2024 so you can plan your year accordingly!

federal holidays 2024 calendar download

1. New Year’s Day

Monday, January 1, 2024

Beginning on January 1, 2024 New Year’s Day will be a federal holiday honoring new years and will be treated as a holiday for pay and leave purposes.

2. Martin Luther King Jr.’s Birthday

Third Monday in January | Monday, January 15, 2024

One of America’s biggest holiday celebrations, Martin Luther King Jr.’s Birthday, is held on January 15 in 2024. On that day, thousands of communities across America host a variety of events to commemorate Dr. King’s life and work.

3. Washington’s Birthday (Presidents’ Day)

Third Monday in February | Monday, February 19, 2024

President’s Day is a federal holiday observed on Monday, February 19, to honor presidents of the United States.

4. Memorial Day

Last Monday in May | Monday, May 27, 2024

This federal holiday honors those who have died serving in the U.S. Armed Forces and takes place on May 27 this year.

5. Juneteenth

Wednesday, June 19, 2024

Juneteenth (short for “June Nineteenth”) is usually celebrated on the third Saturday in June and commemorates the end of slavery, is a federal holiday in the United States.

6. Independence Day (4th of July)

Thursday, July 4, 2024

Independence Day is a federal holiday in the US. Independence Day, or more commonly known as the Fourth of July, is a federal holiday to commemorate the adoption of the Declaration of Independence on 4 July 1776, declaring independence from the Kingdom of Great Britain.

7. Labor Day

First Monday in September | Monday, September 2, 2024

This holiday is held to honor American workers for their contributions to society through labor unions, minimum wage laws, and other benefits.

8. Columbus Day

Second Monday in October | Monday, October 14, 2024

This federal holiday is observed on October 14 this year and honors Christopher Columbus, who was born on October 12, 1451. (also observed as Indigenous Peoples Day)

9. Veterans Day

Monday, November 11, 2024

Veterans Day is an annual holiday in America honoring the 24.9 million military veterans in the United States. Veterans Day is both a federal and state holiday and is usually observed on November 11 each year.

Recommended reading: Looking for ACA Health Insurance Coverage? Learn here what is new in 2023!

10. Thanksgiving Day

Fourth Thursday in November | Thursday, November 28, 2024

Thanksgiving, or Thanksgiving Day as it is called by many is celebrated on the fourth Thursday in November each year.

11. Christmas Day​

Wednesday, December 25, 2024

Christmas Day is celebrated in the USA on the 25th December each year. Christmas is a time of getting together with family and friends and the giving and receiving of gifts.

Does your state celebrate other holidays?

Certain U.S. states have their own state-wide holidays that are observed by state governments and banks. Some of these include:

  • Nevada’s Nevada Day – the last Friday in October of every year
  • Georgia’s Founding Day – a holiday that celebrates its founding on February 12, 1733
  • Wisconsin has several – Casimir Pulaski Day on March 4, and Robert La Follette Sr. Day on June 14
  • Hawaii Native Royalty – March 26 and June 11

FAQs

Q: Inauguration Day

A. A significant day that occurs every four years is Inauguration Day, marking the commencement of a new president’s term. Although not an annual event, it is a designated holiday for federal employees in the Washington D.C. area, typically on January 20th following a presidential election.

Q: Holiday Pay

A: For federal employees, holidays like the ones listed are typically paid days off. In the private sector, holiday pay varies by employer. It’s essential for workers to check with their human resources department to understand their company’s holiday pay policy.

Q: Holiday Schedule

Federal holidays often impact the holiday schedule for businesses and government operations. For example, when a federal holiday falls on a weekend, it’s generally observed on the nearest weekday, affecting the opening hours of government offices and some businesses.

Q: Public Holiday

While all federal holidays are public holidays, not all public holidays are observed nationwide. Some holidays, such as Martin Luther King Jr. Day, are federal public holidays, while others, like Good Friday, are public holidays observed in certain states.

Q: Holiday Falls

When a federal holiday falls on a Saturday, it is typically observed on the preceding Friday. If the holiday falls on a Sunday, it is generally observed on the following Monday. This ensures that federal employees can enjoy the holiday outside of a standard workday.

Q: Legal Public Holiday

The United States Code establishes certain days as legal public holidays. These are days when all non-essential federal government offices close, and most federal employees are excused from work without loss of pay.

Q: Washington’s Birthday

Commonly referred to as Presidents’ Day, Washington’s Birthday is a federal holiday celebrated on the third Monday of February in honor of George Washington’s birthday. However, the term “Presidents’ Day” has become widely used to honor all past presidents of the United States.

Q: Use Names

Different states and localities may use alternative names for the same holiday. For instance, some states observe “Columbus Day” as “Indigenous Peoples’ Day” to recognize the history and contributions of Native Americans.

Q: State Local Governments

State and local governments may observe additional holidays that are not recognized at the federal level. These holidays can vary greatly depending on local history, culture, and significance.

Get in touch with us for an expert-led demo to know more about UZIO, the best payroll management system for SMBs.


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Big changes are coming to 401(k) Retirement Plans. Are you ready?

Posted on by Vivek Agarwal
Big changes are coming to 401(k) Retirement Plans. Are you ready?

Quick links

Introduction

Tucked inside the $1.7 trillion omnibus bill passed by Congress and Signed into law by President Biden on Friday December 23, 2022 are big changes to the 401 (k) retirement plans. These changes (Secure Act 2.0) are intended to boost retirement savings for low and middle-income workers.

Here are some of the major changes to 401(k) retirement plans starting in 2023:

Raises age to 75 for mandatory withdrawal

Earlier people with 401(k) plans must take out money from their accounts starting at age 72, to ensure they use the money rather than pass it down through their estates. The new law would increase that mandatory age to 73 starting in 2023 and then 75 starting in 2033.

Automatic enrollment

Starting in 2025, most businesses who start new retirement plans would be required to automatically enroll employees into 401(k) plans. Employees would contribute 3 to 10 percent of their wages. Each year, the contribution would increase by 1 percent until it reaches 10 percent, though not more than 15 percent.

Businesses with 10 or fewer employees and businesses that have been open for less than three years would be exempt.

Student loan matching

The employees who are paying off their student debt typically do not contribute or contribute less to 401(k). To help such employees, the law would allow employers to contribute to 401(k) plans for an employee making student debt payments.

Emergency withdrawals

Early withdrawals from a 401(k) plan come with a 10 percent tax. Under the new law, a person would be able to make one penalty-free withdrawal for unexpected expenses arising from family or personal needs. One such withdrawal of up to $1,000 would be allowed per year.

Emergency savings account

The law would give employers the option of offering their low-paid employees a savings account linked to their long-term retirement plans. The employers could also automatically opt employees into the savings accounts, contributing no more than 3 percent of the employee’s salary. The account would be capped at $2,500, and additional money would be routed into the retirement account.

529 Plan Changes

The law would allow people to roll up to $35,000 from 529 plan accounts into Roth IRAs. That would be available only for accounts in existence for at least 15 years and would be subject to Roth contribution limits.

Savers Credit

To encourage people with low and moderate incomes to save in retirement accounts, the law restructures a tax credit available to certain workers. The government would put up to $1,000 annually into the retirement accounts of eligible workers starting in 2027, regardless of whether they have an income tax liability.

Extra Catch-up contributions

The law would allow older workers to make extra catch-up contributions to 401(k) accounts. In 2023, people 50 and older will be able to contribute an extra $7,500 a year to these accounts. The catch-up amount would increase to $11,250 a year for people 60 to 63 starting in 2025.

Conclusion

These changes are the result of bipartisan efforts in the congress to address the issue of lack of retirement planning for the majority of Americans. These provisions would increase the savings Americans are putting aside for retirement.

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