Change to Exempt Employee Salary Requirements Effective July 1, 2024
On April 23, 2024, the Biden-Harris administration announced the finalization of a rule that will raise the salary threshold for overtime-exempt, salaried workers. Under the new rule, the annual salary threshold required to exempt a salaried worker from federal overtime pay requirements will increase from $35,568 to the equivalent of an annual salary of $43,888, effective July 1, 2024. An additional increase, to $58,656, will take effect on January 1, 2025, and additional increases will occur at least every three years. These increases primarily affect employees classified as exempt under the administrative, executive and professional exemptions. Prior to the effective