Beginning on December 1, 2016, significant changes to federal overtime laws under the Fair Labor Standards Act (FLSA) will take effect. The most prominent of these changes is that the threshold salary for employees to be exempt from overtime will roughly double, from $23,660 ($455/wk) to $47,476 ($913/wk).
The good news for Green Industry businesses is that this change will only affect the relatively small number of companies with employees who previously qualified for overtime exemption but earn less than $47,476. The bad news is that the change comes at a time when a shortage […]
Many subcontractors and material suppliers have complaints about Minnesota’s current retainage law because it does not set a limit on how much of the contract price contractors are allowed to retain in building and construction contracts. Additionally, the law does not provide a time frame for when the retainage has to be paid to the subcontractors or material suppliers, potentially resulting in unnecessary delays for those parties to receive payment. Recently, a new bill addressing these and additional issues was introduced to the House and the Senate.
The bill proposes three major changes. First is a 5% cap on […]
The overtime threshold is changing, and the changes could greatly impact some employers. According to the White House Domestic Policy Council, only 8% of full time salaried workers are currently being paid overtime. That’s because the rules that determine which workers are exempt from overtime pay haven’t kept up with the cost of living. Some professionals and managers are exempt from overtime if they make more than $23,660 a year and perform specific duties. However, this is about to change.
President Obama has directed the Department of Labor to update the regulations concerning who qualifies for overtime […]