Appraisal of exempt salaried employee for job progress & goals.
Colorado Salary - Exempt Employee Review and Evaluation Form
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How to fill out Salary - Exempt Employee Review And Evaluation Form?
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Federal Exemptions from Overtime: To be considered "exempt," these employees must generally satisfy three tests: Salary-level test. Effective January 1, 2020, employers must pay employees a salary of at least $684 per week. The FLSA's minimum salary requirement is set to remain the same in 2022.
Federal minimum wage is currently $7.25 per hour, which is lower than the 2022 Colorado state minimum wage of $12.56. Therefore, based upon current information, covered employers in Colorado will have to pay their employees the higher value of $12.56 per hour under Colorado law beginning January 1, 2022.
In order to be exempt, an employee must meet the salary and duties requirements. Effective January 1, 2021, the salary threshold for overtime exemption is $40,500, then will increase to $45,000 in 2022, to $50,000 in 2023, and to $55,000 in 2024. For a Limited Time receive a FREE Compensation Market Analysis Report!
The salary threshold for certain exempt employees including those under the administrative, executive, and professional exemptions will increase from $684.00 per week ($35,568 per year) to $778.85 per week ($40,500.20 per year).
Additionally, Colorado passed a new law designating minimum salary requirements. Effective January 1, 2021, an exempt salaried individual may not make less than $40,500 annually. This is up from the $35,568 minimum of 2020, with planned increases every year until $55,000 is reached in 2024.
40 hours in one workweek. 12 hours in one workday. 12 consecutive hours, regardless of whether the work period overlaps into a second day.
Additionally, Colorado passed a new law designating minimum salary requirements. Effective January 1, 2021, an exempt salaried individual may not make less than $40,500 annually. This is up from the $35,568 minimum of 2020, with planned increases every year until $55,000 is reached in 2024.