The Department of Labor (DOL) has released its final overtime rule, significantly increasing the minimum annual salary threshold determining overtime pay eligibility under the Fair Labor Standards Act (FLSA) from $35,568 to $58,656.
The rule will gradually come into effect, with an increase to $43,888 on July 1, 2024, and an increase to $58,656 effective January 1, 2025. The Details: DOL sets a salary threshold to ensure eligible employees receive overtime pay for all hours worked over 40 in a workweek.
What’s New: The final rule includes an automatic update to the overtime threshold every three years based on available wage data at that time.
Who’s Affected: Unless specifically exempted, an employee covered by the FLSA must receive pay for hours worked over 40 in a workweek at a rate not less than one and one-half their regular pay rate.
Go Deeper: DOL: Final Rule on Overtime DOL: Final Rule on Overtime FAQ DOL: Final Rule Earnings Threshold Chart Association/RLC: Comments on Proposed Rule Association/RLC: Webinar on Proposed Rule
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April 2024
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