Effective December 1, 2016:
- The Salary Threshold changed from $455 per week to $913 per week
- (From $23,660 to $47,476 annually)
- The built-in mechanism for raising the salary is an increase every 3 years. The first will be January 1, 2020. DOL will adjust the threshold every 3 years.
- Highly Compensated Employee (HCE) exemption is now $134,000 (from $100,000)
- Non-discretionary bonuses, incentive pay, commissions may now be used to meet up to 10% of the standard salary.
Do these changes affect Non-profits?
(Source: Federal Register)