DOL Announces Final Overtime Rule
Increasing Salary Levels for White-Collar Employees
The DOL recently announced a final rule that expands overtime by increasing salary thresholds required to exempt a salaried executive, administrative, or professional employee from overtime pay requirements. The Department's regulations require these types of employees to be paid at least a minimum salary amount to be exempt from the Fair Labor Standards Act's minimum wage and overtime requirements.
The final rule will increase the standard salary level and the highly compensated employee's total annual compensation threshold on July 1, 2024, and on January 1, 2025, when changes in the methodologies used to calculate these levels become applicable. The final rule also provides for future updates of these levels every three years to reflect current earnings data. These scheduled increases are displayed below.
FAQs About the DOL's Final Overtime Rule
Overwhelmed with compliance?
Let us help you turn confusion into clarity
Koppinger & Associates - providing you with knowledge, innovation, and solutions