Q1: Think about Contract Management While the Year is Young
If your business has not already done so, now is the time to consider establishing a comprehensive contract management policy to manage all of your business contracts. According to the International Association for Contract & Commercial Management (IACCM), poor contract management costs companies 9% -- Bottom Line.
The major change is the proposal to significantly increase the minimum salary required to be paid to an employee who is an executive, administrative or professional ("white-collar") employee for them to be considered to be exempt from the overtime pay requirement. The current requirement is that these employees must be paid a guaranteed salary of at least $455 per week ($23,660 per year), while under the new rule, that salary threshold would increase to an estimated $970 per week ($50,440 per year) in 2016.
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