DOL Issues Final Rule Increasing Salary Thresholds for FLSA Exemptions
On April 23, 2024, the U.S. Department of Labor (DOL) released its anticipated final rule impacting annual salary-level thresholds for exemptions to overtime requirements pursuant to the Fair Labor Standards Act (FLSA). In addition to increasing applicable earnings thresholds, the final rule also introduces a mechanism for automatically updating those thresholds on a going forward basis every three years. Presently, the salary threshold under the FLSA for executive, administrative, and professional employees is $684 per week, which annualizes to $35,568 per year. The threshold for highly compensated employees under the FLSA is currently $107,432 per year. Effective July 1, 2024, …