In April 2024, the Department of Labor (DOL) issued its final rule raising the threshold salary requirements under the Fair Labor Standards Act (FLSA) for employees classified as exempt from overtime pay when working in excess of forty (40) hours in a seven (7) day workweek, (the “2024 rule”). The 2024 rule, scheduled to take effect July 1, 2024, increases the salary thresholds for the executive, administrative, and professional (EAP) exemptions, and highly compensated exemption (HCE). Specifically, the 2024 rule increases the EAP exemptions from $684 per week ($35,568 per year) to $844 per week ($43,888 per year) effective July 1st, and a subsequent increase on January 1, 2025, to $1,128 per week ($58,656 per year). For the HCE, the salary threshold will increase from $107,432 per year to $132,964 per year on July 1st, and a subsequent increase on January 1, 2025, to $151,164 per year.
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