As a small business owner, you should be aware of the new overtime rules that come into effect as of December 1, 2016. These are the most significant changes to salary exemptions since 2004.
While you may have an employee on salary now, that does not necessarily mean you should automatically move them to an hourly position. The final rule does not affect the duties test for executive, administrative, and professional employees; however, compensation may need to increase. Don’t let the new ruling confuse or scare you. Be sure you are current with all the new regulations. The Department of Labor’s document provides guidance on the changes.
The 417 Business & Elder Law & 417 Elder Law is here to keep you informed of changes in the law that could have an impact on your business.
This article was also published in the printed version of the Volume 5 Oct-Dec 2016 Newsletter (PDF).
Please call our office at (417) 887-4170 if you have any questions about this article or would like to receive our mailed newsletter.