Effective August 1, 2014 through July 31, 2015 the following increase in minimum wage will affect many employers in Minnesota.
Large Employer (gross sales over $500,000) – $8.00/hour
Small Employer (gross sales under $500,000) – $6.50/hour
Training Wage (Employees under 20 years of age for first 90 days) – $6.50/hour
Youth Wage (employees under 18 years of age) – $6.50/hour
Federal Wage (applies to small employers involved in interstate commerce*) – $7.25/hour
*Interstate Commerce applies to any employer that accepts credit card as a form of payment
OVERTIME – Time and one half the employees regular rate of pay:
Small or state covered employers – after 48 hours
Large or federally covered employers – after 40 hours