As of july 1, 2024, this threshold would increase from $107,432 to $132,964, then on january 1, 2025, it would increase to $151,164, and thereafter the threshold would be updated every three. The proposed rule was open for public comment until november 7, 2023.
For highly compensated employees, the minimum salary will be $132,964 on july 1, 2024, and increase to $151,164 on january 1, 2025. Highly compensated employees are exempt if they meet a salary threshold, regardless of their duties.
Starting July 1, 2024, Employers Must Satisfy A Higher Salary Threshold In Order To Consider Employees As Exempt From Fair Labor Standards Act (Flsa) Overtime Rules.
Effective july 1, 2024, the minimum annual base salary to be eligible for exemption consideration will increase to $844 per week ($43,888 annually).
The Proposed Rule Was Open For Public Comment Until November 7, 2023.
A recent final rule that will significantly increase the fair labor standards act’s (flsa’s) annual salary thresholds for the highly compensated employee (hce) exemption from overtime pay.
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The Rule Also Changed The Salary Threshold For “Highly Compensated” Exempt Employees From $107,432/Year To.
It too will be subject to periodic increases beginning on july 1, 2027.
Thus, A Highly Compensated Employee Will Qualify For Exemption If The Employee Customarily And Regularly Performs Any One Or More Of The Exempt Duties Or Responsibilities Of An Executive, Administrative Or Professional Employee Identified In Subparts B, C Or D Of This Part.
As of july 1, 2024, this threshold would increase from $107,432 to $132,964, then on january 1, 2025, it would increase to $151,164, and thereafter the threshold would be updated every three.