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Assess the Position. Before determining a salary scale, it's important to assess the value of the position for which you're going to pay. Research Wages. A key component to determining a salary scale is offering competitive payment. Determine a Max and Min. Decide How You'll Pay. Be Flexible and Open to Negotiation.
Minimum Salary Requirements The minimum compensation for a salary basis employee is $455 per week. If you pay any of your salaried employees on a salary or fee basis, the amount has to equal or exceed $455 per week. The minimum weekly salary for your computer-related salaried employee is also $455 per week.
The minimum salary requirement for exempt employees according to the Fair Labor Standards Act (FLEA) is $23,600 per year or $455 per week. However, the exempt salary minimum alone does not classify an employee as exempt. Salary level is one of three tests used to determine employee exempt status.
Employers don't have to pay overtime to exempt employees. The new overtime law increases the salary threshold, making fewer employees exempt from overtime. Before the rule changed, the salary threshold was $455 per week, or $23,660 per year. The new salary law raises the threshold to $913 per week, or $47,476 per year.
Exempt employees need not be paid for any workweek in which they perform no work. An employer may require an exempt employee to make up work time lost due to personal absences of less than a day without loss of the exemption under Section 13(a)(1).
A salaried employee is paid based on an annual amount, called a salary. This salary is divided between the pay periods (as determined by the company) for the year and based on a 2080-hour year. Some salaried employees are given an employment contract.
Multiply the hourly wage by the number of hours the employee works per week to get the weekly salary rate. 2. Multiply the weekly salary rate by the number of weeks in a year to get the annual salary rate.
The benefits of hourly jobs are that you can sometimes earn even more than you would in a salaried job, especially if you work a lot of overtime. You also know that you will be compensated for every single hour you work, unlike a salaried job. However, hourly jobs do not always have the same benefits as salaried jobs.
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