New Exempt Salary Threshold 2024

New Exempt Salary Threshold 2024. The department’s final rule, which will go into effect on july 1, 2024, will increase the standard salary level that helps define and delimit which salaried workers. Under the new rule, the salary level threshold increases to $844 per week (equivalent to $43,888 annually), effective july 1, 2024, to be exempt from overtime.

As a result of the new minimum wage, the state has proposed increasing the minimum salary requirement for the executive and administrative exemptions to $1,200. Beginning july 1, 2024, the new dol rule increases the salary threshold, making millions of previously exempt employees nonexempt from overtime pay.

Effective July 1, 2024, The Salary Threshold Will Increase To The Equivalent Of An Annual Salary Of $43,888 And Increase To $58,656 On Jan.

This increase is expected to affect 3.6 million workers.

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.

As a result of the new minimum wage, the state has proposed increasing the minimum salary requirement for the executive and administrative exemptions to $1,200.