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. Under the trump administration, the dol issued a new rule in 2019 to update the salary threshold.
Department of labor dol has proposed the threshold salary level for exemption from overtime be raised from $35568 per year to $55000 per year. Standard salary threshold will increase starting july 1, 2024, to $844 per week ($43,888 per year) and will increase.
Under The Final Rule, The Salary Threshold Will Increase To $132,964 On July 1, 2024, And To $151,164 By Jan.
The july 1 increase updates the present annual salary threshold of $35,568 based on the methodology.
The Rule Proposes Automatically Updating The Salary Threshold Every Three Years To Reflect Current Earnings Data.
The salary level will then increase to $58,656 on january 1, 2025.
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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 Overtime Rules.
The july 1 increase updates the present annual salary threshold of $35,568 based on the methodology.
The Salary Level Will Then Increase To $58,656 On January 1, 2025.
