1, 2025—an increase of over 41% over today’s current minimum salary threshold. The final rule is expected in april, 2024.
Department of labor (department) announced a final rule, defining and delimiting the exemptions for executive, administrative, professional, outside sales, and computer employees, which will take effect on july 1, 2024. Starting july 1, 2024, employers must satisfy a higher salary threshold in order to consider employees as exempt from fair labor standards act overtime rules.
Starting July 1, 2024, Employers Must Satisfy A Higher Salary Threshold In Order To Consider Employees As Exempt From Fair Labor Standards Act Overtime Rules.
Department of labor (“dol”) released a new final rule that significantly increases the minimum salary threshold to qualify for the executive, administrative, professional, and highly compensated employee exemptions under the fair labor standards act (“flsa”).
The Minimum Salary For Application Of The Highly Compensated Employee (Hce) Exemption Would Jump By 34%, From $107,432 Per Year To $143,988 Per Year.
Salary basis threshold for flsa exempt employees increases to $43,888 annually.
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Department Of Labor (“Dol”) Published The Final Version Of A Rule Originally Proposed In September 2023, Raising The Salary Threshold For The Fair Labor.
The salary threshold would increase from the current $684 per week ($35,568 per year) to $1,059 per week ($55,068 per year)—a 55% increase from the current level.
Under The Final Rule, The Salary Threshold Will Increase To $132,964 On July 1, 2024, And To $151,164 By Jan.