Minimum Salary For Exempt Employees 2024. Furthermore, dol states that future updates will occur every three years on july 1st. Under the new regulations, the highly compensated salary threshold increases to $132,964 per year effective july 1, 2024, and will increase to $151,164 per year on january 1, 2025.
Thereafter, the rule provides for an automatic update to the threshold every three years based on wage data. This ensures that the employee’s statutory benefits are adequately calculated.
Raise Their Salaries To The New Requirement;
The rule increases this minimum salary threshold, initially to $844 per week ($43,888 per year) as of july 1, 2024, and then to $1,128 per week ($58,656 per year) as of january 1, 2025.
The Minimum Salary Required For Exemption Is Two Times The State Minimum Wage For The First 40 Hours Of Employment Each Week.
The july 1 increase updates the present annual salary threshold of $35,568 based on the methodology used by the prior administration in the 2019 overtime rule update.
Effective July 1, 2024, The Salary Threshold Will Increase To The Equivalent Of An Annual Salary Of $43,888 And Increase To $58,656 On Jan.
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The Minimum Salary Required To Be Classified As Exempt From Overtime Under Federal Law Will Increase On July 1, 2024 And Again On January 1, 2025.
The minimum salary required to be paid to an eap employee for that employee to be exempt from the flsa overtime requirements is $684 per week ($35,568 annually).
On April 23, 2024, The U.s.
Following proposed rulemaking in august 2023, the u.s.