Preview To Exemption Regulations: White House Announces Drastic Salary Basis Increase
White House coverage reports that the revamped white collar exemption regulations will be released this week, and will include a salary basis requirement more than double the current federal level. Reports peg the new salary basis requirement at $50,440 per year, or $970/week, with future adjustment linked to the 40th percentile of income. This news dovetails with the widespread belief that the regulations will seek to limit the scope of exempt status. Watch this space for further coverage this week ahead of Thursday’s anticipated formal announcement.