The Federal Dept. of Labor Issued Its Final Rule - Minimum Salaries For Exempt Employees Are Going Up 7/1/24
Posted on April 26, 2024 | Categories: Employment
The U.S. Department of Labor (DOL) issued its Final Rule this week increasing the minimum salary requirement for overtime exempt employees. The changes are:
- On July 1, 2024, minimum salary increases from $35,568 to $43,888.
- On January 1, 2025, minimum salary increases to $58,656.
- Using the then-current earnings data and a percentile of the lowest-wage Census Region (South), the Rule also includes automatic updates to the minimum salary every 3 years.