Flsa Minimum Salary For Exempt Employees 2024. The new proposed rule raised the minimum salary floor to $55,068 per year ($1,059 per week) for employees classified as exempt effective july 1, 2024. Department of labor (dol) unveiled a new final rule that will significantly raise the minimum salary threshold to qualify for certain overtime exemptions under the fair labor standards act (flsa), changing which employees will be entitled to overtime pay and affecting employer compensation structures.
On april 24, 2024, the us department of labor (dol) announced the highly anticipated revisions to the salary thresholds for the fair labor standards act’s (flsa’s) “white collar” overtime exemptions. Employers must follow the flsa to determine whether employees are exempt from overtime.
An Employee Is Paid A Salary, 2.
Part 541, as applied to professional employees.
On April 24, 2024, The Us Department Of Labor (Dol) Announced The Highly Anticipated Revisions To The Salary Thresholds For The Fair Labor Standards Act’s (Flsa’s) “White Collar” Overtime Exemptions.
As of july 1, 2024, exempt executive, administrative and professional employees are required to be paid a minimum salary of $844 per week (or $43,888 per year);
On April 26, 2024, The Department Of Labor’s Wage And Hour Division (Dol) Issued A Final Rule That Will Increase The Minimum Salary Threshold For The “White Collar” Overtime Exemption Under The Fair Labor Standards Act (Flsa) From $35,568 To $58,656 Per Year.
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The July 1 Increase Updates The Present Annual Salary Threshold Of $35,568 Based On The Methodology Used By The Prior.
Section 13 (a) (1) and section 13 (a) (17) also exempt certain computer employees.
Part 541, As Applied To Outside Sales Employees.
The changes will expand overtime pay eligibility to millions.
However, Section 13 (A) (1) Of The Flsa Provides An Exemption From Both Minimum Wage And Overtime Pay For Employees Employed As Bona Fide Executive, Administrative, Professional And Outside Sales Employees.
