Difference Between Debt & Liabilities by Cam Merritt; Updated September 26, 2017 In the shorthand language of business, the terms debt and liabilities get thrown around as if they're the same thing.
Posted on April 07, 2016. As you have probably heard, the Department of Labor is planning to dramatically raise the minimum salary requirement for employees to qualify as exempt under the âWhite Collar Exemptions.â As we learned on May 18, 2016, the new minimum is $47,476, which could impact nearly five million employees.
The purpose of the non-exempt employment status is to ensure workers receive accurate pay for the work they perform. Non-exemption status also ensures employers pay workers the minimum wage required by law. Currently, the federal minimum wage is $7.25 per hour.