New rules raise the minimum salary for exempt (exempt from overtime) employees from $23,660 to $47,476. The previous rate of $455/week, or $23,660/year has not been a challenge for most employers, but the new rate ($913/week) may cause pause.
You have options! First, conduct a self-audit of your exempt and non-exempt classifications to understand the salary and duties tests for Executive (Management), Administrative, Professional, and other exempt classifications (DOL Fact Sheets #17A & #17G.) Misclassifying an employee can result in stiff penalties so owners and...more