Dol Exempt Salary Threshold 2024. Effective january 1, 2025, the threshold will then increase to $1,128 per week, which is the equivalent of an annual salary of $58,656. But beginning july 1, that salary threshold jumps to $43,888 a year.
$684 per week (equivalent to a $35,568 annual salary) $844 per week (equivalent to a $43,888 annual salary) $1,128 per week (equivalent to a $58,656 annual salary) 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”).
Effective January 1, 2025, The Threshold Will Then Increase To $1,128 Per Week, Which Is The Equivalent Of An Annual Salary Of $58,656.
Thereafter, the rule provides for an automatic update to the threshold every three years based on wage data.
That Marks A 23% Increase Over The Current Level.
Department of labor (department) announced a final rule, defining and delimiting the exemptions for executive, administrative, professional, outside sales, and computer employees, which will take effect on july 1, 2024.
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.
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The Rule Increases This Minimum Salary Threshold, Initially To $844 Per Week ($43,888 Per Year) As Of July 1, 2024, And Then To $1,128 Per Week ($58,656 Per Year) As Of January 1, 2025.
The salary threshold would increase from the current $684 per week ($35,568 per year) to $1,059 per week ($55,068 per year)—a 55% increase from the current level.
The Minimum Salary And Total Annual Compensation Levels Will Then Increase To $1,128 Per Week And $151,164 Per Year, Respectively, Effective January 1, 2025, And Then Every 3 Years.
The dol has not yet issued a final rule, though it is expected sometime in 2024.
For A Long Time, This Threshold Has Been $684 Per Week (Equivalent To $35,568 Per Year) For Most Exempt Employees.
