Rule raises salary threshold to $43,888 on July 1, then $58,656 on January 1.
The U.S. Department of Labor (DOL) announced a final rule that increases the salary thresholds required to exempt a salaried bona fide executive, administrative or professional employee from federal overtime pay requirements. The DOL had proposed the new regulation last year.
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. 1, 2025. The July 1 increase updates the present annual salary threshold of $35,568 based on the methodology used by the
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