In a major development last week, the U.S. Department of Labor issued its final rule increasing the Fair Labor Standards Act’s minimum weekly salary rate for exempt employees to $913 per week (equivalent to $47,476 annually). That’s more than double the current minimum of $455 per week (equivalent to $23,660 annually).
Additionally, the final rule amends the salary basis test to allow employers to use nondiscretionary bonuses and incentive payments (including commissions) to satisfy up to 10 percent of the new minimum salary level under some circumstances.
Although many employers expected the rule to become effective in July, employers have until December 1, 2016, to comply. Implications for employers are many, and Faegre Baker Daniels professionals will discuss the new rule and steps businesses can take before December 1.
We hope you can join us — and feel free to invite your colleagues.
There is no charge to attend; however, you must register in advance.
Contact Lindsey Merek at +1 317 237 1289 or lindsey.merek@FaegreBD.com.