Minnesota Hourly Wage set to Increase in August

Beginning August 1, 2014, the State of Minnesota will increase their minimum hourly wage rate for both tipped and non-tipped employees.

The wage rate is based on your company’s annual gross sales/receipts:
•  For smaller employers whose annual gross volume of sales is less than $500,000 (formerly $625,000), the minimum hourly wage rate will increase from $5.25 to $6.50.
•  For larger employers whose annual gross volume of sales is $500,000 or more (formerly $625,000), the minimum hourly wage rate will increase from $6.15 to $8.00.

WHAT DO YOU NEED TO DO:

Should the rate increase be relevant to your business, make sure you update the rates for all employee payrolls starting August 1st, 2014.

If you have any questions, please don’t hesitate to contact us at consult@prudentaccountants.com.

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