The Pulse (07-19-16)

Volume 5, Issue 29

The Pulse Archive

 

Minnesota’s min. wage increase Aug. 1

Minnesota’s minimum-wage rates will increase on Aug. 1. To help employers understand the requirements, the Minnesota Department of Labor and Industry (DLI) has updated its minimum wage fact sheets.

Below is a summary of changes:

 
As of Aug. 1, 2016


  • Large employers must pay at least $9.50 an hour (annual gross volume of sales made or business done of $500,000 or more).
  • Small employers must pay at least $7.75 an hour (annual gross volume of sales made or business done of less than $500,000).
  • The training wage rate is $7.75 an hour (90-day training rate paid to employees who are younger than 20 years of age).
  • The youth wage rate is $7.75 an hour (may be paid to employees younger than 18 years of age).


Other minimum-wage laws


  • Minimum-wage rates apply to all hours worked, whether part time or full time.
  • Employees must be paid at least the minimum-wage rate, no matter how they are paid.
  • No employer may take a tip credit against wages in Minnesota.
  • Examples of workers exempt from minimum-wage requirements include:  bona fide executive, administrative or professional workers; babysitters; and volunteers of nonprofit organizations.

For more information, see the DLI minimum wage brochure and employer fact sheet, all of which can be found at the DLI website. The state minimum wage poster has not yet been updated, but is expected to be available shortly.

 


 

    

 

Credit Union Advocates from Minnesota Hike the Hill



 

 

Resource Available: PolicyAid Update


NCUA releases Board Agenda, Strategic Plan


NCUA publishes brochure for consumers, “Sending Money Overseas”


NCUA webinar on IRR supervision, adding ‘S’ to CAMEL


CUNA-League Compliance Resources webinar


CFPB to host webinar on proposed small dollar loan rule


CFPB publishes new and updated HMDA resources


CFPB releases proposed amendment to Annual Privacy Notice Requirement under GLB Act

 

View all Regulatory Compliance news stories



  

MnCUN Strategic Planning & Consulting Services Available

Through its business development program, the Minnesota Credit Union Network provides credit unions around the state strategic planning and consulting resources. Through one-on-one assistance, MnCUN Director of Business Development, Kris Jacobsen, assists credit unions in tackling today's challenges and tomorrow's opportunities.

Jacobsen works with Minnesota credit unions to help them operate effectively through strategic planning facilitation, training sessions for volunteers and managers, one-on-one consultations with credit union officials, and acts as a liaison between member credit unions and financial regulators.

For more information, visit the visit the Strategic Planning & Consulting Services page of the Network website.

Minnesota Credit Union Network
555 Wabasha Street N, Suite 200
St. Paul, MN 55102

(651) 288-5170
(800) 477-1034