The U.S. Department of Labor has finalized an update to the Fair Labor Standards Act (FLSA) regarding salary minimums for exempt employees, commonly known as the "Overtime Rule." This rule, effective July 1, 2024, increases the annual compensation threshold for exempt employees from $35,568 to $43,888. Further increases are scheduled for 2025 and every three years thereafter. These adjustments are designed to reflect current wage data and ensure fair compensation for employees who are eligible for overtime pay. This discussion emphasizes the importance of compliance with FLSA regulations, highlighting the potential consequences of misclassifying employees and offering advice for employers to review their current classifications and implement necessary adjustments.
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