U.S. DOL finalizes rule to significantly increase compensation ...

4 days ago · On April 23, 2024, the U.S. Department of Labor (DOL) issued its final rule significantly increasing the compensation thresholds that must be met for employees to be classified as exempt from overtime pay requirements under the federal Fair Labor Standards …

CouponFollow Extension

$43888
OFF

Federal Court Overturns DOL Rule Increasing Salary Basis

1 week from now

1 day ago · Back in April, the DOL issued a final rule raising the white-collar exemption salary basis test in two phases – to $43,888 per year ($844 per week) as of July 1, 2024, and to …

crowedunlevy.com

$844
OFF

Federal Court Strikes Down Rule Raising Salary Threshold For …

1 week from now

4 days ago · The final rule raised the minimum salary in two steps. First, using the same methodology the DOL used in 2019, the rule raised the salary threshold to $844 per week …

littler.com

$43888
OFF

Millions More Salaried Workers Will Be Eligible For Overtime Pay ...

1 week from now

Apr 24, 2024 · The threshold will increase to the equivalent of an annual salary of $43,888, or $844 a week, starting July 1, and then to $58,656, or $1,128 a week, on January 1, 2025.

abc7.com

$684
OFF

DOL Proposes To Increase Salary Threshold Required For Most …

1 week from now

Aug 30, 2023 · Update: On April 23, 2024 the U.S. Department of Labor issued a final rule raising the salary threshold for exempt employees starting July 1, 2024. ... $684 a week, amounting to …

varnumlaw.com

$58656
OFF

US DOL Finalizes Rule To Increase Compensation Thresholds For …

1 week from now

Apr 26, 2024 · The salary threshold will increase to $58,656 on Jan. 1, 2025. The exemption for highly compensated employees (HCE’s) will rise to $132,964 on July 1, then to $151,164 on …

wimlaw.com

FAQs about U.S. DOL finalizes rule to significantly increase compensation ... Coupon?

What does the July 1 salary increase mean?

The July 1 increase updates the present annual salary threshold of $35,568 based on the methodology used by the prior administration in the 2019 overtime rule update. On Jan. 1, 2025, the rule’s new methodology takes effect, resulting in the additional increase. In addition, the rule will adjust the threshold for highly compensated employees. ...

When does the new salary rule come into effect?

The final rule will increase the standard salary level and the highly compensated employee total annual compensation threshold on the rule’s effective date on July 1, 2024, and on January 1, 2025, when changes in the methodologies used to calculate these levels become applicable. ...

What changes will the Dol final rule make to FLSA exemptions?

The new DOL final rule will make three key changes to the FLSA exemptions: Increase the minimum weekly salary to $844 per week, equivalent to $43,888 per year, on July 1, 2024 (calculations based on the 2019 methodology). ...

What is the Dol final rule?

The DOL final rule significantly raises the minimum salaries to qualify for certain FLSA overtime exemptions. The final rule provides for updates to the earnings thresholds every three years based on up-to-date wage data. ...

When do salary thresholds change?

On Jan. 1, 2025, the rule’s new methodology takes effect, resulting in the additional increase. In addition, the rule will adjust the threshold for highly compensated employees. Starting July 1, 2027, salary thresholds will update every three years, by applying up-to-date wage data to determine new salary levels. ...

What are the changes to the compensation threshold?

Revisions include increases to the standard salary level and the highly compensated employee total annual compensation threshold, and a mechanism that provides for the timely and efficient updating of these earnings thresholds to reflect current earnings data. ...