Tuesday, April 23, the Department of Labor announced the new rule for a minimum salary threshold for exempt employees. Effective July 1st, 2024, the annual salary threshold for exempt employees will increase to $43,888. This is an increase of $8,320 from its current level of $35,568.
Why is this important? The annual salary threshold is the minimum amount an employee can earn and still be classified as exempt.
To be exempt from overtime eligibility, there are other requirements that still need to be met under the duties test, but this is a straightforward baseline minimum.
Comfortable that your exempt employees earn more than $43,888? Hang onto your hat, the threshold will increase again on January 1st, 2025, to $58,656.
Not certain if your employees are properly classified or need to move some employees back to a nonexempt status? Let us know, we can help.
Want to learn more? You can read more about the Department of Labor announcement at:
https://www.dol.gov/newsroom/releases/whd/whd20240423-0
Tuesday, April 23, the Department of Labor announced the new rule for a minimum salary threshold for exempt employees. Effective July 1st, 2024, the annual salary threshold for exempt employees will increase to $43,888. This is an increase of $8,320 from its current level of $35,568.
Why is this important? The annual salary threshold is the minimum amount an employee can earn and still be classified as exempt.
To be exempt from overtime eligibility, there are other requirements that still need to be met under the duties test, but this is a straightforward baseline minimum.
Comfortable that your exempt employees earn more than $43,888? Hang onto your hat, the threshold will increase again on January 1st, 2025, to $58,656.
Not certain if your employees are properly classified or need to move some employees back to a nonexempt status? Let us know, we can help.
Want to learn more? You can read more about the Department of Labor announcement at:
https://www.dol.gov/newsroom/releases/whd/whd20240423-0