Dol Exempt Salary Threshold Changes 2024. The rule proposes automatically updating the salary threshold every three years to reflect current earnings data. The salary threshold to be exempt just jumped from $35,568 per year to $43,888.
On april 23, 2024, the dol published a final rule that raises the minimum salary threshold of the standard exemption for executive, administrative, professional, and outside sales employees, as well as some computer employees from the minimum wage and overtime protections under the flsa. Six months later, on january 1, 2025, the salary threshold will increase again to $58,656.
In Addition, The Rule Will Adjust The Threshold For Highly Compensated.
Department of labor (“dol”) released a new final rule that significantly increases the minimum salary threshold to qualify for the executive, administrative, professional, and highly compensated employee exemptions under the fair labor standards act (“flsa”).
Under The Final Rule, The Salary Threshold For Executive, Administrative And Professional Employees Will Jump From The Current Level Of $684 Per Week ($35,568 Per.
1, 2025, the rule’s new methodology takes effect, resulting in the additional increase.
Effective July 1, 2024, The Threshold Will Increase To $844 Per Week, Which Is The Equivalent Of An Annual Salary Of $43,888.
Six months later, on january 1, 2025, the salary threshold will increase again to $58,656.
The Rule Increases This Minimum Salary Threshold, Initially To $844 Per Week ($43,888 Per Year) As Of July 1, 2024, And Then To $1,128 Per Week ($58,656 Per Year).
Most importantly, it significantly raises the minimum salary threshold for certain “white collar” workers—executives, professionals, and administrative personnel.