Learn about the amendment the U.S. Labor Department has proposed to increase the weekly minimum salary for exempt employees.
The October 2015 issue of Economic Progress discusses the changes proposed by the U.S. Labor Department to the minimum salary for exempt employees under the Fair Labor Standards Act. Among others, the proposed changes include: increasing the minimum salary paid to exempt employees (which has not been revised since 2004) and an automatic annual increase in the minimum salary to avoid it losing value due to inflationary effects.
An initiative like this one impacts a high percentage of workers and employers on the Island, due to the economic and fiscal situation being experienced.
These changes would apply to local and state governments, businesses that have a gross annual business volume of $500,000 or more, and employees involved in interstate commerce, among others.
The bulletin presents data, information and statistics that offer a greater understanding of the regulatory changes and how they affect the local economy and businesses. Access here and select the October edition of Economic Progress to learn more.