Flsa Highly Compensated 2024. How will it affect your business? Employees currently meet the salary test if their salary is greater than $35,568 annually ($684 per week).
Wage & hour law update. Beginning on july 1, 2024, the minimum salary threshold for being eligible to receive overtime will be raised to $43,888.
The Automatic Increases Expected Every Three Years Thereafter Add Yet Another Wrinkle To This Rule.
$107,432, including at least $684 per week paid on a salary or fee.
New Overtime Rule For 2024:
The rule also provides for automatic.
On July 1, 2024, The Standard.
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Beginning On July 1, 2024, The Minimum Salary Threshold For Being Eligible To Receive Overtime Will Be Raised To $43,888.
The highly compensated employee thresholds see similar increases—a 23 percent increase by july 1, 2024 and a 41 percent increase by january 1, 2025.
This Fact Sheet Provides Information On The Exemption From Minimum Wage And Overtime Pay Provided By Section 13(A)(1) Of The Flsa As It Applies To Highly Compensated Employees As Defined In 29 C.f.r.
Employees currently meet the salary test if their salary is greater than $35,568 annually ($684 per week).