Overtime Threshold Increase 2024. Dol’s proposed rule, if adopted, would increase the minimum annual salary threshold that determines overtime pay eligibility under the fair labor standards act. The salary thresholds required for exempt status will.
Effective july 1, 2024, the new salary threshold will result in many currently exempt salaried employees becoming eligible for overtime compensation. Dol’s proposed rule, if adopted, would increase the minimum annual salary threshold that determines overtime pay eligibility under the fair labor standards act.
Meanwhile, The Annual Compensation Threshold For The Highly Compensated Employee Exemption Will Increase To.
Starting july 1, 2024, people earning less than $43,888 per year, or $844 per week, would be eligible for overtime pay.
Starting July 1, Most Salaried Workers Earning Less Than $844 Per Week, Or $43,888 Annually, Will Become Eligible Or Overtime.
The first increase will move the salary threshold from $35,568 to $43,888 a year, meaning that employees who earn.
Here's How The Numbers Break Down:
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The Threshold Will Increase To The Equivalent Of An Annual Salary Of $43,888, Or $844 A Week, Starting July 1, And Then To $58,656, Or $1,128 A Week, On January 1, 2025.
The proposed overtime rule would:
The Final Rule Increases The Salary Threshold Required To Exempt A Bona Fide Executive, Administrative, Or Professional Employee From Federal Overtime Requirements.
According to a labor department faq, the current $107,432 annual threshold.
Starting July 1, The Threshold Will Increase From $35,568 To $43,888 Per Year.