On November 15, a federal court voided the new overtime rule that was going to increase the FLSA salary threshold to $43,888 annually.
On April 23, 2024, the U.S. Department of Labor (“DOL”) issued a new Overtime Rule (the “Rule”), which raises the salary threshold level for the various overtime exemptions under the Fair Labor Standards Act (“FLSA”). The DOL explained in anews releasethat this Rule would expan...
Why it matters to retailers When the final rule was released in April 2024, the DOL estimated that 3.4 million workers would be affected by its proposed salary threshold; however, an NRF-commissioned analysis of the economic impact found that, if implemented, the new rules would have impacted ...
Previously, bona fide executive, administrative, and professional employees were exempt if they were paid a salary of at least $684 per week ($35,568 annually). The DOL’s final rule increased the threshold to $844 per week ($43,888 annually) on July 1, 2024. The threshold was set to...
Starting July 1, 2024, the Department of Labor (DOL) will introduce a significant update to the overtime exemption rule. This change adjusts the minimum salary threshold for “white-collar” and “highly compensated employees,” with automatic updates every three years. For employers, particularly...
occur in two phases. Effective July 1, 2024, the threshold will increase to $844 per week, which is the equivalent of an annual salary of $43,888. Effective January 1, 2025, the threshold will then increase to $1,128 per week, which is the equivalent of an annual...
Meet a salary threshold Perform professional, administrative or executive duties primarily (also known as the “white collar” exemption) It went into effect July 1, 2024, requiring employees earning less than the minimum salary threshold to be paid at theirovertimerate (time and a half) for al...
Salaried employees who do not meet the criteria for exemption (either because they do not meet the salary threshold or the duties test) are considered nonexempt. Nonexempt salaried employees are eligible for overtime pay. Overtime is calculated based on their regular rate of pay, which is dete...
Additionally, the salary threshold determining which workers are exempt from overtime under state law increased to $1,302.40 per week, effective Jan. 1, 2024. West Virginia: County and municipal government employees can opt for compensatory time off, or “comp time,” as an alternative to over...
“The 2024 rule’s radical increase in the salary threshold for exemption would have also further complicated the current economic outlook,” said Brubeck. “Multiple industries, like construction, are grappling with uncertain economic conditions such as high interest rates, supply chain disruptions,mate...