What will the verdict be?
The comment period for the Department of Labor’s Proposed Rule to re-vamp the minimum wage and overtime laws for salaried-exempt workers is up today! If you have not yet made your opinions known, there is still time. But, you had better hurry. At midnight this baby turns into a pumpkin.
Let’s re-cap the rule!
Exempt employee minimum salaries will increase to about $970 weekly / $50,440 annually.
Annual increases will be automatic by a specific percentage
Duties Test changes are a possibility, but unclear
Non-discretionary Bonuses maybe capped at 10% when counted as part of the annual salary
That sounds pretty cut and dried. So, what’s the big deal? Ummm… the $14.8 Billion estimated cost to employers in the first year of implementation. That’s what!
This update and change to the way workers are paid is pretty exciting. Employers who would like to be heard on this matter are urged to comment. Tell the lawmakers what, how, and why these changes are important to your business. But, hurry! The deadline is nigh.
Until Next Time, Be Audit-Secure!
Lisa Smith
About LISA SMITH
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