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The White House just approved a proposal from the Department of Labor to raise the minimum salary for exemption to $55,068 per year. It’s currently at $35,568 per year, so this is quite a jump.
What does this mean for your business? Let’s break it down.
Salary exemption
Under the Fair Labor Standards Act, employees who work more than 40 hours a week are entitled to overtime. However, some employees are exempt from this rule under certain conditions.
The first requirement an employee must meet to be exempt from overtime is that they be
