We wanted to remind employers that the Department of Labor (DOL) released in its regulatory agenda that the Overtime final rule will be available in April 2024.
The rule sharply increases the minimum salary requirements for the executive, administrative, and professional (EAP) exemptions to apply.
|Previous salary requirements
|Rules salary requirements
|$684 per week ($35,568 per year)
|$1,059 per week ($55,068 per year)
|HCE (Highly Compensated Employee)
|$107,432 per year
|$143,988 per year.
The DOL has indicated the actual salary threshold will be based on earnings data as of the date the final rule takes effect — which means the salary floor may be even higher than the projected $55,068. That could lift the operative threshold to more than $60,000 annually.
The rule will be effective 60 days after its publication.
For additional information see our previous update here: link.
Schedule a Call
Learn more about VensureHR and how we can make an impact on your business.Contact VensureHR
This communication is intended solely for the purpose of conveying information. The present post might incorporate hyperlinks directing readers to websites managed by third-party entities. The inclusion of any links within this communication is meant to serve as points of reference and could encompass opinion articles from various law firms, articles from HR associations, official websites, news releases, and documents of government agencies, and other relevant third-party sources. Vensure has no authority over these external websites and bears no responsibility for their content. Furthermore, Vensure does not endorse the materials present on these websites. The contents of this communication should not be interpreted as legal advice or as a legal standpoint concerning specific facts or scenarios. Nor should it be deemed an exhaustive compilation of facts potentially pertinent to federal, state, or local laws. It is strongly advised that employers solicit legal guidance from an employment attorney when undertaking actions in response to any legal updates provided. This is due to the possibility of future alterations occurring in federal, state, and local laws, regulations, as well as the directives and guidelines issued by governing agencies. These changes may transpire at any given time, potentially rendering certain portions of the content within this update void or inaccurate.