Employment / 1 min read
The U.S. Department of Labor on Tuesday announced its final rule raising the salary thresholds for certain FLSA overtime exemptions.
The rule addresses the overtime exemptions for bona fide executive, administrative and professional employees. Employees with certain duties and whose salaries exceed a given threshold are exempt from the law's overtime requirements.
The rule will raise the salary threshold to the equivalent of a $43,888 annual salary on July 1, 2024, and then to the equivalent of $58,656 on January 1, 2025. Those figures are up from the current rate of $684 a week, which would be $35,568 a year.
The rule also raises the overtime salary threshold for highly compensated employees to $132,964 in July and $151,164 in January, tied to the 85th percentile of salaried workers nationally, up from the current rate of $107,432.