22 Jul 2015
President Obama recently proposed new overtime regulations which could greatly effect businesses by increasing the minimum salary requirements for an employee to be classified as exempt. More details can be found in the articles from CNN and the Washington Post. According to these sources, the minimum is expected to rise from approximately $455 per week to approximately $970 per week, requiring that any employee who makes less than $970 per week will begin to receive overtime pay for any time over 40 hours. Although at this time it is only a proposed change, this is something that business owners should be aware of going forward in order to prepare for how the proposed changes could impact them.