June 26, 2024
On July 1, 2024, the salary threshold required to exempt a salaried executive, administrative, or professional employee from federal overtime is increasing from $35,568 to $43,888. The salary threshold will further increase to $58,656 on January 1, 2025.
If you currently have exempt employees earning less than $43,888, you must raise their salary to $43,888 or reclassify them as hourly workers by July 1, 2024. You should also plan for the next increase to $58,656 on January 1, 2025.
If you have any questions or concerns regarding this or any other employment law matter, please contact Dean Leazenby at Warrick & Boyn, LLP.