The ITU-T Recommendation G.711 is the benchmark standard for narrowband telephony. It has been successful for many decades because of its proven voice quality, ubiquity and utility. A new ITU-T recommendation, denoted G.711.0, has been recently established defining a lossless compression for G.711 packet payloads typically found in IP networks. This paper presents a brief overview of technologies employed within the G.711.0 standard and summarizes the compression and complexity results. It is shown that G.711.0 provides greater than 50% average compression in typical service provider environments while keeping low computational complexity for the encoder/decoder pair (1.0 WMOPS average, <;1.7 WMOPS worst case) and low memory footprint (about 5k octets RAM, 5.7k octets ROM, and 3.6k program memory measured in number of basic operators).