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It is changing December 2016. You will either need to pay him $47,476 per year or more in salary or change him to hourly (in which case you'll be on the hook for overtime for hours over 40 per workweek). One caveat I'd also warn you of is that this is a federal law only that is changing, and that law only applies to employers that are either doing business across state lines or grossing $500,000 in sales per year. With 10 employees I imagine you are doing that, but you should know that.
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