New Minimum Salary For Exempt Employees 2024. Department of labor announced its anticipated final rule increasing the salary threshold level needed for employees to be exempt from overtime requirements under the fair labor standards act. Employers may use a different salary structure, but they must adhere to the legal minimums.
Raise their salaries to the new requirement; Furthermore, dol states that future updates will occur every three years on july 1st.
$1,128 Per Week ($58,656 Annually) The Highly Compensated Exemption (Hce) Total Annual Compensation Level Will Increase From Its Current $107,432 Per Year To:
Cea members can access our exempt analysis worksheets for guidance on properly classifying employees, on our hr.
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.
Primary duties test —requires that an exempt employee typically perform executive, administrative, professional, or creative professional job duties.
As Proposed, The Minimum Salary Threshold For Eap Exemptions Would Increase To $1,059 Per Week ($55,068 Per Year), A Greater Than 50% Jump From The Current Minimum Threshold.
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As Of July 1, 2024:
The new minimum salary for exempt employees will be set at $43, 888.00.
Department Of Labor Announced Its Anticipated Final Rule Increasing The Salary Threshold Level Needed For Employees To Be Exempt From Overtime Requirements Under The Fair Labor Standards Act.
Next, effective january 1, 2025, the minimum salary will increase again to $1,128 per week ($58,656 per year).
This Amount Will Increase To $1,128/ Week ($58,658/ Year) Beginning On January 1, 2025.