The minimum salary required for exemption is two times the state minimum wage for the first 40 hours of employment each week. $684 per week (equivalent to $35,568 per year) $107,432 per year, including at least $684 per week paid on a salary or fee basis.
Salary threshold raises are the core components of the law update. Employers should adjust their minimum exempt salary to $58,458.40 annually ($1,124.20 weekly) to reflect the increase that took effect january 1, 2024 in areas outside of new york city, westchester county, and long island.
The Minimum Salary Required For Exemption Is Two Times The State Minimum Wage For The First 40 Hours Of Employment Each Week.
The chart below identifies the applicable salary increases, which are set to increase on july 1, 2024, and january 1, 2025, and again every three years on a continuing basis.
The New Overtime Rule Raises The Federal Salary Threshold.
Department of labor (“dol”) published the final version of a rule originally proposed in september 2023, raising the salary threshold for the fair labor.
Images References :
Some Workers Are Specifically Exempt From The Flsa’s Minimum Wage And Overtime Protections, Including Bona Fide Executive, Administrative Or Professional Employees.
$684 per week (equivalent to $35,568 per year) $107,432 per year, including at least $684 per week paid on a salary or fee basis.
The First Phase Of The Rule, Originally Scheduled For July 1, Would Have Increased The Salary Threshold For Overtime Eligibility To $43,888 From Its Current $35,568.
The minimum salary required for exemption is two times the state minimum wage for the first 40 hours of employment each week.