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
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Starting July 1, 2024, the Department of Labor (DOL) has raised the federal exempt salary threshold to $43,888 per year ($844 per week) and the highly compensated employee (HCE) threshold to $132,964. - Employers must review exempt classifications, considering both salary and duties tests. - Learn more about these varying duties tests and how they impact your business in our recent article by Sean Hansen, SHRM-CP. ---- Vida HR . . . #DOLUpdate #EmployeeClassification #HRCompliance #HR #HumanResources
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📢 Attention Employers! Starting July 1, 2024, the U.S. Department of Labor's new rule will increase the minimum salary for many exempt employees. 📈 Executive, Administrative, and Professional Employees: Minimum salary of $844/week ($43,888/year) starting July 1, 2024, and $1,128/week ($58,656/year) starting January 1, 2025. Highly Compensated Employees: Minimum total annual compensation of $132,964 starting July 1, 2024, and $151,164 starting January 1, 2025. Computer Employees: No change to the hourly rate of $27.63. Stay compliant and informed to ensure a smooth transition. 🚀 #DOLUpdate #LaborLaw #ExemptEmployees #HRCompliance #SalaryIncrease #EmployerAlert https://zurl.co/4s5R
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📣 Will your business be impacted by the DOL’s new Final OT Rule? Employers might have to consider how scheduled increases of salary thresholds for exempt employees could potentially change the workplace and even their finances. We outline steps businesses may consider here: https://buff.ly/3JE2gtc
📣 Will your business be impacted by the DOL’s new Final OT Rule? Employers might have to consider how scheduled increases of salary thresholds for exempt employees could potentially change the workplace and even their finances. We outline steps businesses may consider here: https://buff.ly/3JE2gtc #DOL #OvertimeRule #HRNews
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CLIENT ALERT: Employers with exempt employees making less than the new minimum salary requirements for exempt workers will need to decide whether to increase pay or reclassify employees as nonexempt. You can read the full client alert on our website https://lnkd.in/ehe2EEYz
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Solutions-focused consultant using a holistic perspective to bring practical, relevant, valuable insights to businesses
While the rule may be legally contested, it's important for business owners & HR Professionals to understand the impact and how to prepare for the changes. #hr #DOL #hrsupport #brokers
📣 Will your business be impacted by the DOL’s new Final OT Rule? Employers might have to consider how scheduled increases of salary thresholds for exempt employees could potentially change the workplace and even their finances. We outline steps businesses may consider here: https://buff.ly/3JE2gtc #DOL #OvertimeRule #HRNews
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Do you know how the new overtime rule impacts your business? If not see below and gain some insight that might help save your business.
📣 Will your business be impacted by the DOL’s new Final OT Rule? Employers might have to consider how scheduled increases of salary thresholds for exempt employees could potentially change the workplace and even their finances. We outline steps businesses may consider here: https://buff.ly/3JE2gtc #DOL #OvertimeRule #HRNews
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📣 Will your business be impacted by the DOL’s new Final OT Rule? Employers might have to consider how scheduled increases of salary thresholds for exempt employees could potentially change the workplace and even their finances. We outline steps businesses may consider here: https://buff.ly/3JE2gtc #DOL #OvertimeRule #HRNews
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Technology Software and People Powered Resources Advisor for Businesses in the states of Utah & Nevada | Promoting Value as a Trusted Expert in Employee Resources Specializing in Payroll Management and HR Guidance
The Department of Labor has just released its new final overtime rule, a pivotal change that will impact millions of workers and businesses across the nation. This significant update aims to expand eligibility for overtime pay, ensuring a fairer wage for more employees. Understanding the nuances of this rule is crucial for businesses to remain compliant and to leverage the changes for the benefit of both the company and its workforce. For a detailed breakdown of what this new rule entails and how it might affect your business, I highly recommend visiting https://buff.ly/3JE2gtc for comprehensive insights. Do you have questions about navigating these changes or wonder how Paychex can support your business in adapting to the new regulations? Feel free to connect with me directly. At Paychex, we're committed to helping businesses thrive by staying ahead of regulatory changes and ensuring seamless compliance. #OvertimeRule #DepartmentOfLabor #Paychex #BusinessCompliance #LaborLaw #PaychexCares #PaychexProud #PaychexCares #Overtime #Compliance #WorkforceRegulations
📣 Will your business be impacted by the DOL’s new Final OT Rule? Employers might have to consider how scheduled increases of salary thresholds for exempt employees could potentially change the workplace and even their finances. We outline steps businesses may consider here: https://buff.ly/3JE2gtc #DOL #OvertimeRule #HRNews
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📣 Will your business be impacted by the DOL’s new Final OT Rule? Employers might have to consider how scheduled increases of salary thresholds for exempt employees could potentially change the workplace and even their finances. We outline steps businesses may consider here: https://buff.ly/3JE2gtc #DOL #OvertimeRule #HRNews
📣 Will your business be impacted by the DOL’s new Final OT Rule? Employers might have to consider how scheduled increases of salary thresholds for exempt employees could potentially change the workplace and even their finances. We outline steps businesses may consider here: https://buff.ly/3JE2gtc #DOL #OvertimeRule #HRNews
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In April, we let you know that as of today, the DOL was going to increase the minimum salary threshold for exempt employees from $35,568 to $43,888. Similarly, the minimum salary threshold for highly-compensated employees (which has a relaxed duties test) was going to increase from $107,432 to $132,964. While we were hopeful these new thresholds would be enjoined, that was not the case for private employers. (On Friday, an injunction was issued but it was limited to employees of the State of Texas.) What does this mean for you? Learn More: https://lnkd.in/gresbknj
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