Salary Threshold For Exempt Employees 2024. The new rule also raises the total annual compensation threshold for “highly compensated employees” to $132,964 on july 1, 2024, and $151,164 on january 1, 2025. Beginning on july 1, 2027, the dol will automatically increase the overtime threshold every three years.
Dol estimates that more than 3 million currently exempt employees will be impacted. Highly compensated employee salary threshold.
Starting July 1, The Rule Would.
Some workers are specifically exempt from the flsa’s minimum wage and overtime protections, including bona fide executive, administrative or professional employees.
Many Employers Have Begun Reviewing The Exempt Classifications Since The Dep’t Of Labor (“Dol”) Issued Its Final Rule Increasing The Salary Threshold For Employees Exempt From Overtime And.
The new nydol regulations do not change those rules.
The July 1 Increase Updates The Present Annual Salary Threshold Of $35,568 Based On The Methodology Used.
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Some Workers Are Specifically Exempt From The Flsa’s Minimum Wage And Overtime Protections, Including Bona Fide Executive, Administrative Or Professional Employees.
Effective july 1, 2024, the minimum salary threshold for exempt employees will increase from $35,568 to $43,888.
The Salary Threshold Increases Are Scheduled To Take Effect July 1, 2024.
The minimum salary for application of the highly compensated employee (hce) exemption would jump by 34%, from $107,432 per year to $143,988 per year.
This Exemption, Typically Referred To As The “Eap” Exemption, Applies When: