Dol Salary Threshold 2024. Effective january 1, 2025, the salary threshold will increase again to $151,164 per year. The proposal sought to increase the threshold from its current level of $35,568 annually to $60,209 — a nearly 70% increase.
However, a footnote in the text of the proposal indicated that the salary figure could be closer to $60,209 in the final version of the rule. The final rule will increase the standard salary level and the highly compensated employee total annual compensation threshold on the rule’s effective date on july 1, 2024, and on january 1, 2025, when changes in the methodologies used to calculate these levels become applicable.
The Department’s Final Rule, Which Will Go Into Effect On July 1, 2024, Will Increase The Standard Salary Level That Helps Define And Delimit Which Salaried Workers Are Entitled To Overtime Pay Protections Under The Flsa.
The dol's final rule will raise the minimum weekly salary for the flsa's eap exemption to $844 per week, equivalent to $43,888 per year, on july 1, 2024, and then increase again to $1,128 per week, the equivalent of a $58,656 annual salary, by january 1, 2025.
On April 23, 2024, The U.s.
Future updates will occur every three years starting january 1, 2027.
This Will Increase To $58,656 On January 1, 2025.
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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.
On april 23, the department of labor (dol) issued its final rule to alter the overtime pay regulations under the flsa.
The Rule Increases The Minimum Salary Threshold To $43,888 On July 1, 2024, And Then To $58,656 On January 1, 2025.
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.
Starting July 1, 2024, Employees Must Earn A Minimum Of $43,888 Per Year (Or $844 Per Week) To Qualify For Exemption.