Flsa Minimum Salary Requirements 2024. The rule is expected to increase the minimum salary threshold for the executive, administrative and professional (eap or white collar) employee exemptions to overtime pay requirements under the fair labor standards act (flsa) regulations. The salary thresholds required for exempt status will increase from $35,568 to $43,888 starting on july 1, 2024, and to $58,656 starting on january 1, 2025.
As of 2023, the federal minimum wage is $7.25 an hour. 1, 2025, the annual salary.
On April 23, 2024, The U.s.
Only congress can change the federal wage rate.
There Are Automatic Increases To The Salary Threshold Every Three Years.
$844 per week ($43,888 annually) effective january 1, 2025:
For Example, In Maryland, The Minimum Wage Will Be $15 Starting.
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There Are Automatic Increases To The Salary Threshold Every Three Years.
$107,432, including at least $684 per week paid on a salary or fee basis:
Department Of Labor (“Dol”) Released A New Final Rule That Significantly Increases The Minimum Salary Threshold To Qualify For The Executive, Administrative, Professional, And Highly Compensated Employee Exemptions Under The Fair Labor Standards Act (“Flsa”).
The july 1 increase updates the present annual salary threshold of $35,568 based on the methodology used by the prior administration in the 2019 overtime rule update.
The Flsa’s “White Collar” Exemptions Exclude Certain Executive, Administrative, And Professional Employees From Federal Minimum Wage And Overtime Requirements.