Flsa Salary Threshold 2024. Starting july 1, 2024, employers must satisfy a higher salary threshold in order to consider employees as exempt from fair labor standards act (flsa) overtime rules. But, this threshold is only one of three requirements employees must meet for flsa exemption.
The final rule will increase the standard salary level and the highly compensated employee total annual compensation threshold on the ruleโs effective date on july 1, 2024, and on january 1, 2025, when changes in the methodologies used to calculate these levels become applicable. On april 23, the department of labor (dol) issued its final rule to alter the overtime pay regulations under the flsa.
Again, This Means That Employees Earning Less Than The Annual Salary Threshold Will Be Subject To The Flsaโs Minimum Wage And Overtime Regulations.
Second, on january 1, 2025, it will rise to $151,164 (a 41% increase from current levels).
The New Overtime Rule Increases The Flsa Salary Threshold To $43,888 Annually ($844 Per Week), Up From $35,568 ($684 Per Week).
The salary thresholds will be updated every three years starting july 1, 2027.
In 2016, A Similar Proposed Change Would Have Moved The Salary Threshold From $455 Per Week ($23,660 Annualized) To $913 Per Week ($47,476).
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For Highly Compensated Employees Subject To The Flsa, The Salary Threshold Is Going Up To $132,964 On July 1, 2024, And Then Up To $151.164.
In the first phase of the new overtime.
The Proposed Rule Would Increase This Threshold To $143,988 Per Year With At Least $1,059 Paid Per Week On A Salary Or Fee Basis.
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.
The Rule Increases The Minimum Salary Threshold To $43,888 On July 1, 2024, And Then To $58,656 On January 1, 2025.