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. DOL sets a salary threshold to ensure eligible employees receive overtime pay for all hours worked over 40 in a workweek.
More Info 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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