Dol New Exempt Salary Threshold 2024

Dol New Exempt Salary Threshold 2024. The department’s final rule, which will go into effect on july 1, 2024, will increase the standard salary level that helps define and delimit which salaried workers are entitled to overtime pay protections under. The rule proposes automatically updating the salary threshold every three years to reflect current earnings data.

The initial updates to the standard salary level and hce threshold that will occur on the rule’s effective date, july 1, 2024, are determined by applying to current earnings data. 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) as of january 1, 2025.