New DOL Overtime Rules Effective July 1, 2024: Key Changes You Need to Know

The Department of Labor (DOL) is increasing the salary thresholds for exempt employees. Starting July 1, 2024, the minimum salary for exemption will be $43,888 annually, with a further increase to $58,656 on January 1, 2025. Highly compensated employees will see their threshold rise to $132,964 in July and $151,164 in January 2025. These changes aim to provide more economic security and pay equity.