The U.S. Department of Labor has published its updated overtime rule, revising the criteria to qualify for an exemption.
On July 1, 2024, the salary level threshold to be an exempt executive, administrative or professional employee will increase from $35,568 to $43,888 per year (i.e. $684 to $844 per week). On January 1, 2025, the salary level will increase yet again to $58,656 ($1,128 per week). Thereafter, the salary level is set to automatically increase every 3 years. The highly compensated employee exemption salary threshold will also be increasing from the current $107,432 to $151,164 by 2025.
Join EANJ for a one-hour webinar on May 29th to break down the new requirements – details & registration.