On August 30, 2023, the United States Department of Labor, Wage and Hour Division, released a Notice of Proposed Rulemaking (NPRM) to update and revise the regulations under the federal Fair Labor Standards Act regarding exemptions from minimum wage and overtime pay requirements for executive, administrative, professional, outside sales, and computer employees. The proposed revisions include a significant increase in the standard salary level triggering exemption for these categories of employees to $1,059 per week ($55,068 annually for a full-year worker) and also increases the highly compensated employee total annual compensation threshold to $143,988. As discussed in greater detail here, these figures are based on 2022 data, and the agency predicts that the salary levels that will ultimately be included in the final rule will be much higher. The agency is also proposing to add to the regulations an updating mechanism that would result in the automatic adjustment of these earnings thresholds every three years, based on then-current data.
The agency is proposing that, except for American Samoa, said increases also apply in the U.S territories, including Puerto Rico. In the particular case of Puerto Rico, it is important to note that the standard salary threshold has not changed since 2004 and currently stands at $455 per week. The last time the salary rule was revised in 2019, the agency elected to preserve the $455 per week amount for employees in Puerto Rico, Guam, the...
Pulsar Responds to Rumours Regarding Financing Pulsar Helium Inc. (AIM: PLSR, TSXV: PLSR, OTCQB: PSRHF), a primary helium company, understands that a third-party broker has falsely circulated comm...