Dol Minimum Salary For Exempt Employees 2024. The salary threshold will increase to $43,888 per year effective july 1, 2024. In april 2024, the department of labor (dol) issued its final rule raising the threshold salary requirements under the fair labor standards act (flsa) for employees classified as exempt from overtime pay when working in excess of forty (40) hours in a seven (7) day workweek, (the “2024 rule”).
The salary level will then increase to $58,656 on january 1, 2025. As summer looms near, employers of salaried workers would be wise to prepare for anticipated increases to the salary basis threshold for certain categories of.
The Salary Level Will Then Increase To $58,656 On January 1, 2025.
As of april 23, the dol has set a new schedule to increase the minimum salary for exempt employees.
The July 1 Increase Updates The Present Annual Salary Threshold Of $35,568 Based On The Methodology Used.
The rule increases this minimum salary threshold, initially to $844 per week ($43,888 per year) as of july 1, 2024, and then to $1,128 per week ($58,656 per year).
Dol Minimum Salary For Exempt Employees 2024 Images References :
With A Higher Threshold For Exemption, More Workers Are Entitled To 1.5 Times.
The salary threshold will increase to $43,888 per year effective july 1, 2024.
The New Rule Increases The Salary For White Collar Exempt Employees From $684 Per Week To $844 Per Week Effective July 1, 2024, And $1,128 Per Week Effective.
Employees who make less than $844/week are not exempt and are eligible to receive overtime for all hours worked in excess of 40 hours per week.
