Marjon Advisors Inc.’s Post

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Salary Thresholds as of July 1, 2024: What You Need to Know As of July 1, 2024, the U.S. Department of Labor has introduced new salary thresholds that impact overtime pay and exemptions for certain employees ¹. Here are the key points to understand: Standard Salary Threshold: $43,888 per year, or $844 per week ¹ Highly Compensated Employees: $132,964 per year, or $2,564 per week ¹ Overtime Pay: Non-exempt employees are entitled to overtime pay for hours worked beyond 40 hours per week ¹ Exemptions: Certain employees, such as executives, administrators, professionals, outside sales employees, and computer professionals, may be exempt from overtime pay if they meet specific duties and salary tests ² Future Updates: Salary thresholds will be updated every three years to reflect changes in earnings data ³ Impact on Employers and Employees The new salary thresholds aim to expand overtime protections for lower-paid salaried workers and ensure they receive fair compensation for their work ³. Employers must review their employees' salaries and duties to determine if they meet the new thresholds and make necessary adjustments to comply with the regulations ⁴. Employees who were previously exempt may now be eligible for overtime pay, and employers may need to reclassify certain positions or increase salaries to maintain exemptions ⁵. Key Takeaways The new salary thresholds apply to most U.S. workers and are aimed at expanding overtime protections and ensuring fair compensation. Employers must review their employees' salaries and duties to determine if they meet the new thresholds and make necessary adjustments to comply with the regulations. Employees who were previously exempt may now be eligible for overtime pay, and employers may need to reclassify certain positions or increase salaries to maintain exemptions. Salary thresholds will be updated every three years to reflect changes in earnings data.

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As of July 1, 2024, the salary threshold for exempt employees in the United States is $844 per week, or $43,888 per year. This is an increase from the previous threshold of $684 per week, or $35,568 per year. On January 1, 2025, the threshold will increase again to $1,128 per week, or $58,656 per year. The threshold for highly compensated employees will also increase, from $107,432 to $132,964 on July 1, 2024, and again to $151,164 on July 1, 2025. #salarynews #employmentnews #slarythreshold #exemptemployees

#hiring Our North Shore healthcare client has an immediate need for an ongoing project for a Nurse Practitioner to guide screening activities, identify health needs, and provide anticipatory guidance and counseling addressing environmental, lifestyle, and developmental issues for clients. www.marjonadvisors.com #jobs #nursingjobs #healthcarejobs #recruiting

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