Minimum salary for exempt employees 2024

Jun 7, 2023 · If the historical salary basis threshold of 75 times the minimum wage remains the same, the 2024 exempt salary threshold for such employees in New York City, Long Island and Westchester would increase from $1,125 weekly (or $58,500 annually) to $1,200 weekly (or $62,400 annually). 50. The training wage of $4. 40/week. 67 per month). Consequently, the minimum monthly salary for exempt employees in 2024 stands at $5,546. Oregon’s minimum salary for exempt employees working within the Metro Urban Growth Boundary briefly exceeded the federal requirement, but beginning January 1, 2020, the federal minimum salary increased to $684 per week. Apr 23, 2024 · Effective January 1, 2025, the Final Rule increases the minimum salary threshold for those exemptions to $1,128 on a weekly basis, or $58,656 on an annual basis, up from $684 per week, or $35,568 on an annual basis. Overtime exempt workers must be paid at twice the annual minimum wage rate, regardless of employer size. District court for the eastern district of texas does not rule before july 1 Jan 5, 2024 · On January 1, 2024, the minimum wage for “small” employers will remain $14. 5 days ago · As of July 1, 2024, all employees in the United States who earn less than $844 per week ($43,888 per annum) cannot be considered exempt from the requirements of the FLSA’s minimum wage rates and Apr 30, 2024 · On April 23, 2024, the U. Beginning January 1, 2024, the minimum salary for a full-time exempt Jul 12, 2023 · Rest of New York State: 2024 - $15. ” New Minimum Salary Threshold The 2024 Rule raises the minimum salary threshold for covered employees to $844 per week ($43,888 per year) on July 1, 2024, and then to $1,128 per week ($58,656 per year If the historical salary basis threshold of 75 times the minimum wage remains the same, the 2024 exempt salary threshold for such employees in New York City, Long Island and Westchester would increase from $1,125 weekly (or $58,500 annually) to $1,200 weekly (or $62,400 annually). However, 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 Oct 24, 2023 · The Washington State minimum wage rate for nonexempt employees sixteen years of age and older will increase 3. 50 per hour Aug 29, 2023 · The current exempt minimum salary sits at $64,480 per year. Please note that minimum salary thresholds can change, so it’s essential to verify the current threshold with the U. 80 per week ($57,293. 40 annually) to $1,200 weekly ($62,400 annually). 40 per week ($67,724. Employers covered by the federal Fair Labor Standards Act (FLSA) are also covered by the Arkansas law if they have 4 Jun 12, 2024 · For highly compensated employees, the minimum salary will be $132,964 on July 1, 2024, and increase to $151,164 on January 1, 2025. Minimum Salary for Exempt White-Collar Workers at Employers with 26 or more employees. Please look here: What amount are Sheepherders owed as Jun 18, 2024 · To be exempted from overtime and minimum wage as a highly compensated employee (“HCP”), the final rule increases the amount of annual compensation an employee earns to: Beginning July 1, 2024, $132,965 or more per year; increased from the current amount of $107,432 (at least $684 per week). By way of background, Article 6 of the NYLL sets forth employer obligations with respect to pay practices in New York, many of which afford certain wage protections to employees. Starting July 1, 2024, people earning less than $43,888 per year, or $844 per week, would be eligible for overtime pay. The California minimum wage will increase to $16. For computer software employees, the minimum is higher. 00 per hour effective January 1, 2021. As of July 1, 2024, the new salary threshold will be $43,888 per year or $844 per week. S. Exempt employees in Virginia must meet this salary threshold and satisfy specific job duties tests to be considered exempt from overtime pay requirements. As a result of the increase, the Department Also, for existing salaried employees to continue to be exempt, their wage must be an equivalent of double minimum wage or higher. Remember that when a wage increase takes effect, employers must also ensure that wage statements are updated Effective January 1, 2024: The minimum hourly wage will increase to $10. 00 per hour for all employers, regardless of size, starting January 1, 2024. Employers must pay employees the minimum wage for all hours worked as defined by state law. On August 30, 2023, the DOL published a proposed rule that, if it's finalized, will increase the minimum exempt salary sometime in 2024. Most employers face making some compensation changes. 20 to $1,200 weekly. Employers may apply for licenses to pay sub-minimum rates to learners and certain workers with physical and mental limitations. Some cities and counties have higher minimum wages than the state’s rate. For 2024 this is $16. 1, 2024, the California state minimum wage will increase to $16 per hour for all employers, regardless of employee headcount. 20 per year. Apr 29, 2024 · The DOL finalized a rule on April 23, 2024, setting the standard salary level for the “white collar” exemptions under the FLSA at $844/week as of July 1, 2024. When employers are paying overtime at time and a half, this results in $24. In 2023, the minimum salary for exempt employees in California is $64,480. The tipped employee rate of hourly pay increases to $3. May 2, 2024 · As of January 2024, the federal minimum salary threshold for exempt employees is $684 per week ($35,568 per year). There is a list of. Nov 9, 2023 · In 2024, for both small (1-50 employees) and large (51 or more employees) businesses, an exempt employee must now earn a salary of at least 2. 50, though it will become the “large” employer rate on July 1, 2024. A highly compensated employee is deemed exempt under Section 13(a)(1) if: The employee earns total annual compensation of $107,432 or more, which includes at least $684* per week paid on a salary or fee basis; The employee’s primary duty includes performing office or non-manual work; and Dec 5, 2023 · Unless otherwise noted, these laws take effect January 1, 2024. This is an increase from the current threshold of $35,568, or $684 per week Apr 12, 2024 · The minimum salary to be exempt from overtime pay requirements under federal law is $684 weekly or $35,568 annually. The salary threshold for the highly compensated employee Apr 24, 2024 · On April 23, 2024, the U. 00 per hour for workers 18 years of age and older. 6 days ago · As of January 1, 2024, to be considered an exempt employee in the U. Sep 26, 2023 · The change in the minimum wage also affects the minimum salary an employee must earn to meet one part of the overtime exemption test. 34 per month). New York: Varies by location, ranging from $1,124. 35 per week or $42,450. This means that the minimum annual salary employers must pay exempt employees must also be increased to not less than $66,560 for full or part-time employees. Department of Labor (DOL) issued its much-anticipated final rule raising the salary threshold for employees to be exempt from federal overtime requirements under the Fair Labor Standards Act (FLSA). ($1,000 ÷ 40) = $25. For both large (more than 50 employees) and small employers the minimum will be $67,724. Jun 27, 2024 · As of July 1, 2024, all employees in the United States who earn less than $844 per week ($43,888 per annum) cannot be considered exempt from the requirements of the FLSA’s minimum wage rates and overtime pay requirements. Oct 5, 2023 · The minimum annual salary threshold for exempt employees statewide will also rise on January 1, 2024. 4 percent over the 2023 rate to $16. This minimum wage increase also impacts white-collar salaried employees. Jan 25, 2024 · The minimum wage for non-exempt employees increased to $16. Exempt employees in Arizona must meet this salary threshold and satisfy specific job duties to be considered exempt from overtime pay requirements. Both small and large employers must pay exempt employees a salary of at least $1,302. New York’s minimum wage for all areas will be determined by the U. The minimum wage will be published by the New York Department of Labor (NYDOL Contents Index < > Top 10 Tips Disclaimer; Salary Test for Exempt Employees. This also means that as of Jan. But, this number changes when the Department of Labor sets new rules. 40 a week). Apr 24, 2024 · On April 23, 2024, the U. 2026 - $17. 25 per hour effective January 1, 2019; $10. Feb 20, 2024 · The final rule is expected in April, 2024. Department of Labor announced its anticipated Final Rule increasing the salary threshold level needed for employees to be exempt from overtime requirements under the Fair Labor Standards Act. Covered nonexempt workers are entitled to a minimum wage of not less than $7. 80 per year for most employees, which is two times the minimum wage. 5 times the minimum wage ($55. Department of Labor published its final rule increasing the salary threshold for the white collar exemptions under federal minimum wage and overtime law: On July 1, 2024, the threshold will increase from around $35,000 to $43,888. Department of Labor issued final regulations updating the minimum salary threshold for employees to be considered exempt from overtime requirements under the Fair Labor Standards Act. For those that want to increase an existing employee’s rate of pay above the new minimum wage Apr 23, 2024 · As of 2024, workers have the right to receive a minimum hourly wage of no less than $16. 40 per year) Note: Employers of any size may pay exempt computer professionals by the hour, provided they pay at least 3. These revisions to the Fair Labor Standards Act (FLSA) will increase the minimum salary from the current amount of $35,568 to $43,888 ($844/week) starting July 1, 2024. Apr 29, 2024 · On April 23, 2024, the U. Apr 12, 2024 · What Is a Non-Exempt Employee? Per the DOL’s Wage and Hour Division (WHD), non-exempt employees work for an hourly rate and get paid for the number of hours worked in a work week. An employee must earn no less than two times the state’s minimum wage for full-time work to meet this initial requirement of the This rule will primarily impact employees with annual salaries between $35,000 and $44,000 as of july 1, 2024) and $44,000 and $58,656 (as of january 1,. To calculate the regular rate, divide the weekly salary by a standard 40-hour workweek: (Weekly remuneration) / (40 Hours) = Regular rate. 5 days ago · Computer software employees must be paid an hourly wage of $55. 0 times the minimum wage, or $1,302. 33 per hour. There is a list of City and County minimum wages in California maintained by UC Berkeley. 00 more per hour than the applicable minimum wage. Department of Labor Consumer Price Index for Urban Wage Earners and Clerical Workers for the Northeast Region. For example, for an employee who earns $1,000 per week. These salary requirements do not apply to outside sales employees, teachers, and employees practicing law or medicine. 25 per hour effective July 24, 2009. Exempt employees are not subject to the payment of overtime for hours worked. 00, and $11. The first increase is scheduled for July 1, 2027, and subsequent increases will occur every three years afterward. , a worker must be paid a minimum salary of $844 per week, or $43,888 per year. To qualify as EAP exempt, an employee must make the equivalent of an annual salary of $43,888, i. Pursuant to Public Act 093-0672 . This is the rate for “macro” employers. Department of Labor (US DOL) is raising the minimum salary for overtime exemption to $1,059 per week ($55,068 per year) – an increase of almost $20,000! Apr 27, 2024 · On April 23, 2024, the Department of Labor published regulations that increase the minimum salary basis for an employee to be considered exempt from overtime under the Fair Labor Standards Act. Job titles do not determine exempt status. 55 an Minimum Salary Amount Beginning July 1, 2024 Minimum Salary Amount Beginning January 1, 2025; Standard Salary Level: $684 per week (equivalent to a $35,568 annual salary) $844 per week (equivalent to a $43,888 annual salary) $1,128 per week (equivalent to a $58,656 annual salary) Total Annual Compensation Requirement for Highly Compensated Apr 26, 2024 · The employees who meet the duties tests and must receive a minimum salary to qualify as exempt are referred to below as “covered employees. If the ordinance where employees are performing work 4 days ago · A federal judge in Texas has enjoined the Department of Labor (DOL) from enforcing its Final Rule raising the minimum salary level requirements for executive, administrative, and professional (EAP Apr 26, 2024 · To qualify for that exemption, the employee must (1) be paid total annual compensation in excess of a set salary threshold (currently US$107,432), which includes at least the minimum weekly basis of the White Collar exemption; (2) have a primary duty that includes performing office or nonmanual work; and (3) customarily and regularly perform at Nov 6, 2023 · In some jurisdictions, the minimum cash wage required for tipped employees also increases with the minimum wage. Preparing for the Increase. This rule went into effect on January 1, 2020. Effective january 1, 2024, the minimum wage is $16. The current salary threshold for exempt status for executive, administrative, and professional (EAP) positions is $684 per week (the equivalent of $35,568 annually for a full-year employee) paid on a salary basis. California’s minimum wage experiences annual increments on January 1st. At least 2. Small employers (1-50 employees) and large employers (51 or more employees) will have to pay at least 2 times the state minimum wage ($1,302. However, Section 13(a)(1) of the FLSA provides an exemption from both minimum wage and overtime pay for employees employed as bona fide executive, administrative, professional and outside sales employees. ) still must be at least minimum wage for all time worked, unless the employee is exempt from the minimum wage. 1, 2025, unless and until that figure is revised upward As of January 1, 2024, the minimum salary amount is $816. There are some employees who are exempt from the minimum wage law, such as outside salespersons, individuals who are the parent, spouse, or child of the employer, and apprentices regularly indentured under the State Division of Apprenticeship Standards. The Arkansas Minimum Wage Act covers employers with 4 or more employees. For more information on exempt employee classifications, see our prior article here. Dec 21, 2023 · The minimum wage for non-exempt employees will increase to $16. 25 per hour for newly hired employees ages 16 to 19 for their first 90 calendar days of employment Apr 23, 2024 · The U. 1, 2024, exempt employees in California must be paid a minimum annual salary of $66,560. For example, in Hawaii, in 2024, employers may take a tip credit of $1. Employers can also pay some workers less than the state minimum wage, including: Minors 14 to 15 years old (no less than 85% of minimum wage). 67 per month (increasing from $64,480 per year in 2023). Employers also must keep in mind that some cities and counties in California have adopted their own local minimum wage rates that are separate from the state rate. Exempt workers in California, meanwhile, must be paid a salary that is at least twice the state’s minimum wage. The new rule significantly increases the minimum salary requirement for executive, professional, and administrative The Fair Labor Standards Act (FLSA) establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments. With the state salary thresholds for exempt employees now a multiplier of the state minimum wage, one of the thresholds multipliers will rise on Jan. 00 per year. Washington employers will have to adhere to the state thresholds in 2024 since they are more favorable when compared to the federal threshold. Jun 24, 2024 · Effective July 1, 2024, the final rule increases the minimum salary required for the FLSA’s executive, administrative and professional exemptions to $844 per week. Adjusted for inflation, that amount today would be $42,594 annually. Covered exempt fast food employees must be paid two times the applicable fast food worker minimum wage, which is equivalent to an annual salary of $83,200 ($6,933. Employers may need to review their pay practices now that the DOL has issued its long-anticipated proposal to raise the salary threshold for exempt employees. 00 per hour X 2,080 hours/year X 2 = $66,560. 80 annually) for exempt employees. Most Employees In California Must Be Paid At Least The Minimum Wage Per Hour, With Some Exceptions Explained In The Faqs Below. The 1/1/24 increase means that as of January 1, 2024, exempt employees must earn a minimum of $66,560 per year to maintain their exemption status. Jun 3, 2024 · The first stage increase goes into effect on July 1, 2024. The minimum salary that must be paid to a properly classified exempt employee (must meet the salary test AND the duties test) must be equal to two times the current minimum Dec 29, 2023 · Minimum Wage Increases: As of Jan. Employees. Apr 24, 2024 · You have successfully set your edition to United States. New York Depending on where employees work, the exempt minimum salary for 2024 in New York can range from $1,124. Thus, on July 1, 2024, for an employee to meet the minimum salary threshold to be considered an exempt executive, administrative, and/or professional employee the individual must earn $844 per week ($43,888 annually). Katie Culliton, Editor, CalChamber Jan 1, 2024 · Beginning January 1, 2024 - Guarantees a minimum wage of $14. Under this new Rule, a worker must earn at least $43,888 beginning on July 1, 2024 to satisfy the salary basis test for overtime exemption. Types of employees that may be designated as exempt under Minnesota law. Section 13(a)(1) and Section 13(a)(17) also exempt certain computer employees. Similarly, the exempt salary threshold for the remainder of the Feb 7, 2024 · California: The exempt salary threshold is set at $1,280 weekly ($66,650 annually). Apr 30, 2024 · When coordinating increases in the minimum salary levels paid to employees considered exempt, employers should budget for two changes that will take effect within six months of each other. 00, $13. Department of Labor published a final rule raising the minimum weekly salary many exempt employees must be paid to qualify as exempt from overtime under the Fair Labor Standards Act. 2. 1. The 85% rate for minors aged 16and 17 will increase to $8. 40/week ($67,724. Please note that minimum salary thresholds can change. Feb 7, 2024 · On December 27, 2023, the New York State Department of Labor (NYDOL) published a notice of adoption in the New York State Register increasing the minimum salary thresholds for exempt executive and administrative employees to $1,200 per week (approximately $62,400 per year) for New York City and its surrounding counties and $1,124. If they work Aug 8, 2023 · Beginning January 1, 2024, the minimum salary for a full-time exempt employee will be $66,560 per year ($5,546. Department of Labor or a legal professional. Jun 19, 2024 · According to SCLG, as of 2024, the minimum annual salary to qualify for an exempt employee in California is at least $66,560 [ 2 ]. Would you like to make this selection your default edition? *Selecting a default edition will set a cookie. An initial increase will be effective July 1, 2024, raising the weekly rate to $844. 28 per hour in 2024. 1, 2021 Jan. To make things a bit easier, we’ve built the calculator below for employees to check the minimum Employees are exempt from the Fair Labor Standards Act’s 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 Department’s regulations at 29 CFR part 541 . 6 days ago · The standard EAP salary threshold rises from the current floor of $684 per week ($35,568 annually) to $844 per week ($43,888 annually) — the the first phase in what could be an overall 65 The 2024 Colorado minimum wage is $14. May 2, 2024 · The regular rate for non-exempt salaried employees is determined by dividing all remuneration paid to the employee by 40 hours. 00 per hour. Currently, exempt employees must receive the more generous federal amount to be exempt under both state and federal law. What is the minimum wage in California? Effective January 1, 2024, the minimum wage is $16. Feb 21, 2024 · Subsequent to NYDOL’s increased exempt salary thresholds, Governor Hochul signed an amendment to Article 6 of New York’s Labor Law which, effective March 13, 2024, raises the salary threshold to $1,300/week or $67,600/year. The Minnesota Fair Labor Standards Act, which includes workers’ rights to minimum wage, overtime and other workplace protections, contains exemptions for more than 20 types of workers, including: executive, administrative and professional employees. 00 per hour effective January 1, 2020; $11. To fall within the EAP exemption, an employee generally must meet three tests: Jan 11, 2023 · At least 1. To qualify for exemption, employees generally must meet certain tests regarding their job duties and be paid on a salary basis at not less than $684* per week. May 13, 2024 · As of January 2024, the federal minimum salary threshold for exempt employees was $684 per week ($35,568 annually). 80 per year). Workers who meet Oct 2, 2023 · Right now, employees must earn at least $684 each week ($35,568 annually) before they may be exempt from overtime. 00). Aug 31, 2023 · The threshold was raised to $684 weekly, or $35,568 annually. Several cities, including Seattle, SeaTac, and Tukwila, will have higher Oct 24, 2023 · Effective March 13, 2024, the salary threshold for certain exemptions under Article 6 of the New York Labor Law (NYLL) will increase from $900 to $1,300 per week. This threshold is statewide and allows employees to remain exempt from the following requirements: Jan 2, 2024 · New York State Department of Labor NYSDOL finalized the salary thresholds for exempt employees that were proposed as a part of 2024, the minimum wage for home care aides increased to $18. Previously set at $684 per week ($35,568 annually), the threshold will now see a two-tier increase. Minimum Salary Amount Beginning July 1, 2024 Minimum Salary Amount Beginning January 1, 2025; Standard Salary Level: $684 per week (equivalent to a $35,568 annual salary) $844 per week (equivalent to a $43,888 annual salary) $1,128 per week (equivalent to a $58,656 annual salary) Total Annual Compensation Requirement for Highly Compensated Oct 19, 2023 · Exempt salary: As a result of the minimum wage increase for nonexempt employees, the minimum salary for white-collar workers who are exempt from overtime will increase as of January 1, 2024, as well. 20 per week This means that the minimum annual salary employers must pay exempt employees. The first increase from $684 to $844 a week ($43,888 a year) will take effect on July 1, 2024. be paid $844 per week. The 2024 California minimum wage is $16. Salary Level. When determining whether an employee is exempt or non-exempt from receiving overtime, employers in Illinois need to review their employee's classification against both the federal Fair Labor Standards Act (FLSA) and Illinois Minimum Wage Law. Effective January 1, 2025, the final rule increases the minimum salary required for these exemptions to $1,128 per week. 3 Non-hourly pay (salary, piece rate, commission, etc. 1, 2024. 58 per hour, a monthly salary of $9,646, or an annual salary of $115,763. 1, 2025, that salary threshold would increase Feb 16, 2023 · Most importantly for this article, the employee must usually be paid a salary that is at least twice the state minimum wage for full-time employment. As of January 1, 2025, the threshold will be $58,656 per year or $1,128 per week. Employers can pay less than the full minimum wage in certain situations: Apr 29, 2024 · As of April 23, the DOL has set a new schedule to increase the minimum salary for exempt employees. May 23, 2024 · On April 23, 2024, the U. The salary threshold in California is two times the state minimum wage. Washington: A weekly threshold of $1,302. The final threshold will increase again on January 1, 2025, to a minimum salary of $1,128 per week ($58,656 per annum). May 14, 2024 · The amount of salary paid must meet a minimum specified amount of $43,888 effective July 1, 2024, and at least $58,656 effective Jan. ⁠ 1. To qualify for the administrative With the increase to the California minimum wage on January 1, 2024, the minimum annual salary to meet the white-collar exemption increases to $66,560 per year, and $5,546. 00 per hour for all employers. 60 per year) 51 or more employees. 20 per week ($65,478. On January 1, 2024, the minimum wage for “large,” “small,” and “micro” businesses will remain $15. Department of Labor issued new rules on April 23, 2024 governing minimum salary thresholds and overtime pay for employees across the country. 75 times the minimum wage, or $1,101. Exempt employees in Indiana must also fall within particular job categories to be considered exempt from overtime pay. 93 per hour. 20 weekly ($58,558. 0 times the minimum wage, or $1,259. 25 per hour, provided that the combined amount of the employee's direct cash wages and tips is at least $7. All three of the above exemptions require payment of a true salary: "Salary" is defined as agreed-upon periodic compensation, intended to cover a period of at least a week, equivalent to at least $684 per week,* that is not subject to reduction on the basis of quantity or quality of work performed. Starting July 1, 2024, the minimum salary requirement will rise to $844 per week, which equates to $43,888 annually. 00 per hour on January 1. As of January 1, 2024, the minimum annual salary for an existing exempt employee is $66,560. 25 per week) in the rest of the state, will rise proportionately with the minimum wage. Please note that the minimum salary threshold can change, so verify the current threshold with the U . Does the Minimum Salary for Exempt Employees Change? The minimum salary is currently $684 per week. The new minimum salary will go up to May 3, 2024 · Starting on July 1, 2024, the new minimum annual salary threshold to qualify as an EAP exempt employee or HCE will substantially increase. 40 ($67,724. Flsa Minimum Salary For Exempt Employees 2024 Increase the minimum weekly salary to $844 per week, equivalent to. Minimum Wage/Salary Increases . 67 (or an annual total of $66,560. 80 a year) When the rule takes effect July 1, 2020 Jan. California requires an automatic increase in the minimum wage for any increase in inflation over 7%, as determined by the Consumer Price Index, which triggered the recent increase. Similarly, the exempt salary threshold for the remainder of the There are three factors which must all be in place in order for an employee to be classified as exempt from overtime in California: First Factor – Salary Threshold. The weekly salary requirement will then increase to $1,128/week on January 1, 2025, representing an almost 65% increase in the minimum exempt salary threshold by January 1. 00. 2025 - $16. Hours worked includes opening and closing a business, required trainings, and meetings. Similarly, the exempt salary threshold for the Dec 12, 2023 · 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. 55 to be exempt from overtime. 1, 2022 Jun 28, 2024 · The U. By Jan. This final rule is set to become effective on July 1 Oct 20, 2023 · Fast food employees will also have their own industry-specific minimum wage rate of $20 per hour starting April 1, 2024. Minimum Wage Order (MW-2024) Fair Labor Standards Act (FLSA) Exemptions. 80 a year) Large businesses: $1,302. Sep 26, 2023 · The exempt salary threshold, currently set at $58,500 per year ($1,125 per week) in New York City, Long Island, and Westchester and $55,341 per year ($1,064. Sep 6, 2023 · Because the state minimum wage is tied to minimum salary requirements for exempt employees, the minimum salary for exempt employees will also increase on January 1, 2024. The regulations are scheduled to be published in the Federal Register on April 26, 2024. 42 per hour for all employees covered by the COMPS Order. 78 per hour. Jan 1, 2024 · The increase to the State minimum wage will also affect the minimum salary requirements for full-time exempt employees. Jun 12, 2023 · If the historical salary basis threshold of 75 times the minimum wage remains the same, the 2024 exempt salary threshold for such employees in New York City, Long Island and Westchester would increase from $1,125 weekly (or $58,500 annually) to $1,200 weekly (or $62,400 annually). But you may have noticed headlines saying that the U. The State minimum wage is: $9. Apr 12, 2024 · Salaried employees who earn a minimum of $684 per week ($35,568 per year) are classified as exempt from overtime compensation. An employer where gratuities are paid to employee, may pay 60% of the minimum wage to its employees. Department of Labor (DOL) announced a final rule increasing the minimum salary threshold for executive, administrative, professional, and highly compensated employees exempt from minimum wage and overtime requirements under the Fair Labor Standards Act (FLSA). This salary has increased significantly in recent years: Year. May 17, 2024 · At a minimum, employers should review their current classifications to ascertain who may be impacted by the proposed increases on July 1, 2024, or January 1, 2025. 09 per hour in 2023). As of January 2024, the federal minimum salary threshold for exempt employees is $684 per week ($35,568 per year). Minimum Salary for Exempt White-Collar Workers at Employers with Salary threshold implementation schedule Salary thresholds for overtime exempt workers are a multiplier of state minimum wage for a 40-hour workweek 2024 salary thresholds Small businesses: $1,302. The Final Rule creates automatic increases to exempt salary thresholds in the future. The threshold is set to increase annually. 63 an hour. The proposed rule would increase the threshold more than 50%, to $1,059 per week ($55,068 Apr 24, 2024 · The new salary limits. Exempt computer employees may be paid at least $684* on a salary basis or on an hourly basis at a rate not less than $27. Exempt employees in Ohio must meet this salary threshold and satisfy specific job duties tests to be considered exempt from overtime pay requirements. e. 2027 and Beyond. They should assess the impact of re-classifying the employee as non-exempt or instead increase the employee’s salary to raise the employee to the new salary threshold. ua mr ed mj dc gv uh iy hq ph