What Is The Flsa Salary Threshold 2024. Get the essential details on revised flsa overtime rules and what small business owners need to know. The dol has also indicated that the $55,068 per year rate envisioned by the proposed rule may not be the final minimum threshold set out in the final rule.
Then, in january 2025, the rule will raise the salary threshold to $58,656. On april 23, 2024, the u.s.
The Rule Will Also Increase The Total Annual Compensation Requirement For Highly Compensated Employees (Who Are Not Entitled To Overtime Pay Under The Flsa If Certain Requirements Are Met) From $107,432 Per Year To $132,964 Per Year On July 1, 2024, And Then Set It Equal To $151,164 Per Year On Jan.
The salary threshold would increase from the current $684 per week ($35,568 per year) to $1,059 per week ($55,068 per year)—a 55% increase from the current level.
Then, In January 2025, The Rule Will Raise The Salary Threshold To $58,656.
The final rule made the following critical changes to the overtime requirements under the flsa:
On April 26, 2024, The Department Of Labor’s Wage And Hour Division (Dol) Issued A Final Rule That Will Increase The Minimum Salary Threshold For The “White Collar” Overtime Exemption Under The Fair Labor Standards Act (Flsa) From $35,568 To $58,656 Per Year.
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The Rule Will Also Increase The Total Annual Compensation Requirement For Highly Compensated Employees (Who Are Not Entitled To Overtime Pay Under The Flsa If Certain Requirements Are Met) From $107,432 Per Year To $132,964 Per Year On July 1, 2024, And Then Set It Equal To $151,164 Per Year On Jan.
Starting july 1, 2024, employers must satisfy a higher salary threshold in order to consider employees as exempt from fair labor standards act (flsa) overtime rules.
That Marks A 23% Increase Over The Current Level.
The rule increases the minimum salary threshold to $43,888 on july 1, 2024, and then to $58,656 on january 1, 2025.