We previously posted here regarding a July 1, 2024, increase in the salary threshold for overtime exemptions under the Fair Labor Standards Act (FLSA). Despite multiple legal challenges to the Department of Labor’s 2024 Rule, most of which remain pending, the 2024 Rule is now in effect for all private employers.
As a reminder, beginning today:
- Employees who are classified as exempt from the FLSA overtime rules under the “white collar” exemptions (executive, administrative or professional) must be paid a salary of at least $844 per week ($43,888) – up from the previous threshold of $684 per week.
- Employees who are classified as exempt from the FLSA overtime rules under the “highly compensated” exemption must be paid total compensation of $132,964 per year – up from the previous threshold of $107,432.
For more information regarding these important rule changes, please review our previous posting or contact the author with any questions about how this 2024 Rule can affect your business.