Minimum Salary For Exempt Employees 2024. On april 23, 2024, the u.s. Starting july 1, 2024, employers must satisfy a higher salary threshold in order to consider employees as exempt from fair labor standards act (flsa).
Employers should identify exempt employees that currently earn less than the new eap minimum thresholds. On april 23, 2024, the u.s.
Under Existing Regulations, The Minimum Salary Level Is $684 Per Week.
In april 2024, the department of labor (dol) issued its final rule raising the threshold salary requirements under the fair labor standards act (flsa) for employees.
These Salary Requirements Do Not Apply To Outside Sales.
Starting july 1, 2024, the minimum salary requirement will rise to $844 per week, which equates to $43,888 annually.
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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.
The rule will also increase the total annual compensation requirement for the highly compensated employee exemption from $107,432 per year to $132,964 per year.
The Rule Increases This Minimum Salary Threshold, Initially To $844 Per Week ($43,888 Per Year) As Of July 1, 2024, And Then To $1,128 Per Week ($58,656 Per Year).
Employers are permitted to use nondiscretionary bonuses and incentive payments.