Salary Exempt Threshold 2024. The salary thresholds required for exempt status will increase from $35,568 to $43,888 starting on july 1, 2024, and to $58,656 starting on january 1, 2025. Depending on where employees work, the exempt minimum salary for 2024 in new york can range from $1,124.20 weekly ($58,558.40 annually) to $1,200 weekly ($62,400 annually).
The salary thresholds required for exempt status will increase from $35,568 to $43,888 starting on july 1, 2024, and to $58,656 starting on january 1, 2025. The fair labor standards act (flsa) requires that executive, administrative and professional positions meet a salary threshold (in addition to duties tests), to be considered exempt from the minimum wage and overtime requirements of.
For Highly Compensated Employees, The Threshold Will Increase To $132,964 In July 2024, And To $151,164 In January 2025.
The rule is subject to an automatic adjustment in 2027 and then every three years thereafter based on a dol formula.
May 2024 Labor And Employment Roundup Benesch Friedlander Coplan &Amp; Aronoff Llp
Changes to the exempt salary thresholds.
Beginning On July 1, 2027, The Dol Will Automatically Increase The Overtime Threshold Every Three Years.
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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.
Department of labor (department) announced a final rule, defining and delimiting the exemptions for executive, administrative, professional, outside sales, and computer employees, which will take effect on july 1, 2024.
On April 23, 2024, The U.s.
The minimum salary for application of the highly compensated employee (hce) exemption would jump by 34%, from $107,432 per year to $143,988 per year.
The Following Is A Comprehensive List Of The 2024 Exempt Status Salary Threshold By City And State.