New Minimum Salary For Exempt Employees 2024. Starting july 1, 2024, employers must satisfy a higher salary threshold in order to consider employees as exempt from fair labor standards act (flsa) overtime. A further increase will take effect on january.
The new minimum salary for exempt employees will be set at $43, 888.00. Labor & employment law perspectives.
Effective July 1, 2024, The Minimum Salary Threshold For Exempt Employees Will Increase From $35,568 To $43,888.
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).
1, 2025, Salaried Employees Must Make At Least $58,656 Per Year In Order To Be Exempt From Overtime Pay.
The salary will then be adjusted again on july.
Under The New Regulations, The Highly Compensated Salary Threshold Increases To $132,964 Per Year Effective July 1, 2024, And Will Increase To $151,164 Per.
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Starting July 1, 2024, Employers Must Satisfy A Higher Salary Threshold In Order To Consider Employees As Exempt From Fair Labor Standards Act (Flsa) Overtime.
Department of labor announced its anticipated final rule increasing the salary threshold level needed for employees to be exempt from overtime.
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.