Flsa Exempt Wage Threshold 2024. The department’s regulations require executive, administrative, and professional (eap) employees to be paid at least a minimum salary amount to be exempt from the fair labor standards act’s minimum wage and overtime requirements under section 13 (a) (1). The rule increases the minimum salary threshold to $43,888 on july 1, 2024, and then to $58,656 on january 1, 2025.
The department’s regulations require executive, administrative, and professional (eap) employees to be paid at least a minimum salary amount to be exempt from the fair labor standards act’s minimum wage and overtime requirements under section 13 (a) (1). To be considered exempt, these employees must generally satisfy three tests:
The Minimum Salary For Application Of The Highly Compensated Employee (Hce) Exemption Would Jump By 34%, From $107,432 Per Year To $143,988 Per Year.
On april 23, the department of labor (dol) issued its final rule to alter the overtime pay regulations under the flsa.
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.
Currently, the minimum salary threshold for eap exemptions is $684 per week ($35,568 per year).
This Exemption, Typically Referred To As The “Eap” Exemption, Applies When:
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Effective July 1, 2024, The Salary Threshold Will Increase To The Equivalent Of An Annual Salary Of $43,888 And Increase To $58,656 On Jan.
Some workers are specifically exempt from the flsa’s minimum wage and overtime protections, including bona fide executive, administrative or professional employees.
Employees Are Exempt From The Flsa Minimum Wage And Overtime Protections If They Are Employed In A Bona Fide Executive, Administrative, Or Professional Capacity, As Those Terms Are Defined In The Dol Regulations At 29 Cfr Part 541.
Department of labor (dol) unveiled a new final rule that will significantly raise the minimum salary threshold to qualify for certain overtime exemptions under the fair labor standards act (flsa), changing which employees will be entitled to overtime pay and affecting employer compensation structures.