The U.S. Department of Labor announced that it has raised the minimum salary required to be exempt from overtime pay under the Fair Labor Standards Act. This change will take effect on July 1, 2024, for workers in executive, professional, and administrative roles.
Starting July 1, 2024, the minimum weekly salary required will rise to $844, which amounts to $43,888 per year. From January 1, 2025, it will go up again to $1,128 weekly, or $58,656 annually. Every three years after that, the salary threshold will automatically adjust according to wage data.
The rule also raises the annualized salary threshold for white-collar workers to qualify under the “highly compensated employee” overtime exemption. As of July 1, 2024, this threshold would increase from $107,432 to $132,964, then on January 1, 2025, it would increase to $151,164, and thereafter the threshold would be updated every three years based on wage data.
About RickRossignol
Richard Rossignol is the founder and Principal of RTR Consulting Inc. the Human Resources Experts. He is a senior level Human Resources executive with 20 years of experience providing strategic and tactical direction to the Human Resources function. Excels in three key areas; People, Performance, and Profitability. A proven track record of success in Human Resources Management; helping company’s achieve start-up, high growth and change initiatives; as well as managing legal compliance.
Before founding RTR Consulting Inc. the Human Resources Experts, Richard spent 20 years leading human resources in both union and non-union environments. His background includes Leadership roles in Human Resources, in a variety of industries, entertainment, manufacturing, hi-tech manufacturing, professional services, and financial services. In addition, to his experience running Human Resources he has provided Human Resources consulting to various industries, entertainment, construction, securities, property management, non-profits, healthcare, higher education and civil engineering.
Richard has expertise in all functional areas of HR. He has a track record of developing solid HR infrastructures which attract and retain top talent and performance systems which align employee performance with company objectives.
Richard holds a Bachelor of Arts Degree in Political Science from the University of California at Los Angeles and a Professional Designation in Human Resources from University of California at Los Angeles.
Human Resources Experts 