06/20/2024
Overtime rules are changing next month!
The United States Wage and Hour Division of the Department of Labor (DOL) recently published a final rule that increases the minimum salary required to be paid to employees classified as exempt executive, administrative, professional (including the salaried computer professional) and highly compensated employees.
Effective July 1, 2024
The minimum salary requirement increases from $684 to $844 per week (equivalent to $43,888 per year for a full-year worker) for the administrative, professional (including the salaried computer professional) and executive exemptions.
Increases the total annual compensation requirement for the “highly compensated employee” exemption from $107,432 to $132,964, including at least $844 per week paid on a salary or fee basis.
Effective January 1, 2025
The salary requirement will increase to $1,128 per week (equivalent to $58,656 per year) for the administrative, professional (including the salaried computer professional) and executive exemptions.
Increases the total annual compensation requirement for the “highly compensated employee” exemption to $151,164 per year, including at least $1,128 per week paid on a salary or fee basis.
