California and Minnesota are all projected to increase minimum wage by the end of the year.
California Governor Gavin Newsom recently announced their minimum wage is projected to increase to $15.50 for all workers beginning January 1, 2023, a 50 cent increase.
Minnesota is set to increase their minimum wage based on business size. For small businesses with 100 or fewer employees, the minimum wage will be $13.50 and $15 for large businesses with more than 100 employees.
Small businesses will face another increase on July 1, 2023, to $14.50, and again on July 1, 2024, to be equal to the minimum wage for large businesses.
Increases to the $15 minimum wage for large businesses will be made annually to account for inflation.
Click here for more information on Minnesota’s minimum wage.
On April 11, 2022 Governor Glenn Youngkin signed HB 1173 into law, replacing various provisions of the Virginia Overtime Wage Act (VOWA) with provisions that align with the Fair Labor Standards Act (FLSA).
Effective on July 1, 2022, the change to new revisions will closely resemble the FLSA. With these changes, Virginia employers can return to using the FLSA’s fluctuating workweek method of paying salaried, non-exempt employees; the FLSA’s rules for calculating overtime due on bonuses, commissions, and other incentive pay; and the FLSA’s exclusions from the regular rate calculation.
Click here to learn more.
The IRS recently announced an increase to the mileage rate for the rest of 2022. The mileage rate for business travel will increase to 62.5 cents per mile, an increase of 4 cents.
The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022. These new rates become effective July 1, 2022.
Click here to read more.