[2017; R-2017 | Keywords: Overtime Exemptions, Overtime, FLSA] The Fair Standards Act provides that employers subject to its provisions must pay its employees the specified minimum wage and overtime compensation. There are various exemptions from the Act, or portions of the Act, which are based on factors such as type of business activity, the amount of business and the particular job performed by an employee. Small Dealer Exemption Businesses with annual sales volume of less than $500,000 are exempt from the minimum wage and overtime provisions. However, any business previously covered under the minimum wage law, but now exempt, must… Read More »
Source: Bob Evnen, Woods & Aitken LLC, 09.2016 | Keywords: Policies, Overtime] The U.S. Department of Labor has issued a new rule raising the salary floor for white-collar overtime exemptions to $47,476 per year. The new salary floor becomes effective on December 1, 2016. The current salary floor is $23,600. This change will have no effect on the overtime exemption that applies to many employees of ag equipment dealers. Under current law, “any salesman, partsman or mechanic primarily engaged in selling or servicing…farm implements” is exempt from overtime pay if their employer is “primarily engaged in the business of selling… Read More »
[Source: Bob Evnen, Woods & Aitken LLP, 07.2016 | Keywords: DOL, Employment Policies, Overtime] Recently, the U.S. Department of Labor Wage and Hour Division (DOL) released the highly anticipated final rule amending the Fair Labor Standards Act (FLSA) overtime pay regulations. The newly released rule consists of 496 pages of explanatory preambleÖand 12 pages of regulatory amendments. The nuts and bolts of what you need to know about the momentous changes contained within the rule are as follows: 1. The new rule is effective December 1, 2016. You must act now to implement any necessary changes prior to the effective… Read More »
