Fair Labor Standards Act: Overtime Thresholds & Compliance

Article by CBIZ

05.02.24

The Department of Labor (DOL) announced on April 23, 2024, a significant update to the overtime rule, impacting millions of workers across the United States. This rule change has far-reaching implications for employees and employers alike, shaping the landscape of fair labor practices.

Key Takeaways from the FLSA 2024 Overtime Rule

• The overtime rule raises the annual salary thresholds for the Fair Labor Standards Act’s (FLSA) white-collar overtime exemptions from $35,568 to $43,888 starting July 1, 2024, and then to $58,656 starting January 1, 2025.
• Similarly, it increases the salary thresholds for the FLSA's highly compensated employee exemption from $107,432 to $132,964 beginning July 1, 2024, and to $151,164 starting January 1, 2025.
• Additionally, the regulation stipulates that these salary thresholds will automatically increase every three years, commencing on July 1, 2027.
• Some workers are specifically exempt from the FLSA’s minimum wage and overtime protections, including bona fide executive, administrative or professional employees.

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