Minimum wage is going up significantly for exempt employees (from about $23k/year to $47k/year). If you are a small business owner, this may mean that you need to start paying overtime to employees who previously didn’t qualify for it.
According to the Fair Labor Standards Act (FLSA), certain employees (executive, administrative and professional employees) are exempt from overtime pay as long as they meet a certain wage threshold. A new rule will go into effect December 1, 2016 that requires exempt employees be paid at least $913/week ($47,476/year) in order to remain exempt. Employees making less than that will be non-exempt (entitled to overtime pay).