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Salary Threshold Change
Millions of additional workers will soon be eligible for overtime pay under the Fair Labor Standards Act (FLSA) thanks to the U.S. Department of Labor’s (DOL) new salary threshold for certain exempt employees. Specifically, the DOL announced yesterday that the salary threshold for the so-called “white-collar” exemptions under the FLSA will rise on July 1, 2024, from $35K to about $44K, and will jump to nearly $59k at the start of 2025. Employees will need to meet or exceed these new thresholds to even be considered eligible for the FLSA’s white-collar exemptions. The DOL estimates this change will impact about 4 million workers, and it could prompt big changes to your compensation plans. While we expect to see legal challenges, you cannot count on a court halting the rule before the effective dates, so you should start planning right away.
If you have any questions, please do not hesitate to contact anyone in our Employment Law group at 402-492-9200 or Bob Lepp at boblepp@mgwl.com or Colin Bernard at colinbernard@mgwl.com.S
Thu Apr 25, 4:31pm Share