Salary Exempt Minimum Wage 2024. Employers should adjust their minimum exempt salary to $58,458.40 annually ($1,124.20 weekly) to reflect the increase that took effect january 1, 2024 in areas. With the upcoming changes, it is.
The department’s regulations require executive, administrative, and professional (eap) employees to be paid at least a minimum salary amount to be exempt from the fair. The rule revises the regulations issued under the fair labor standards act (flsa) that implement the exemptions from minimum wage and overtime pay.
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).
The july 1 increase updates.
The Minimum Salary Required For Exemption Is Two Times The State Minimum Wage For The First 40 Hours Of Employment Each Week.
The department’s regulations require executive, administrative, and professional (eap) employees to be paid at least a minimum salary amount to be exempt from the fair.
Beginning July 1, 2024, $132,965 Or More Per Year;
Starting july 1, 2024, the minimum salary requirement will rise to $844 per week, which equates to $43,888 annually.
A Further Increase Will Take Effect On January.
Department of labor’s final rule increases the minimum salary requirements for white collar exemptions from minimum wage and overtime pay under the fair labor.