On April 23, 2024, the U.S. Department of Laborannounced a final rule,Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees, raising the Fair Labor Standards Act’s minimum annual salary threshold for overtime pay eligibility in a two-step process. Starting July 1, 2024, the threshold will increase from $35,568 to $43,888 per year. It will then increase to $58,656 on January 1, 2025.
