The U.S. Department of Labor (USDOL) gave final approval to the new overtime rule on April 23, 2024.  The Final Rule, which will go into effect on July 1, 2024, will increase the standard salary level that delineates which salaried workers are entitled to overtime pay under the Fair Labor Standards Act (FLSA). Starting July 1, most salaried workers who earn less than $844 per week will become eligible for overtime pay under the final rule. And on January 1, 2025, most salaried workers who make less than $1,128 per week will become eligible for overtime pay. As these changes occur, job duties will continue to determine overtime exemption status for most salaried employees.

The rule will also increase the total annual compensation requirement for highly compensated employees (who are not entitled to overtime pay under the FLSA if certain requirements are met) from $107,432 per year to $132,964 per year on July 1, 2024, and then set it equal to $151,164 per year on Jan. 1, 2025. Starting July 1, 2027, these earnings thresholds will be updated every three years.

The following link is an article with more information on the USDOL website:  What the New Overtime Rule Means for Workers | U.S. Department of Labor Blog (dol.gov)

A link to the Final Rule on the Federal Register is HERE.