New Rules from the Department of Labor

We wanted to send our clients an update on the new rules from the Department of Labor.

If you have a business with payroll, then this information applies to you.

The threshold for salaried employees beginning July 1st, 2024, is increasing to $ 43,888 and then increasing again on 1/1/2025 to $ 58,656, with some exemptions.

You do not need to change their salary if the employee’s salary is less than the requirement, but you are required to pay overtime for any hours worked over 40 hours.

There are exemptions to this rule in several industries.   Please copy the below link and paste in your browser to read the article and watch the videos.    At the bottom of the article is “Additional Information”   that is very helpful.   Recommended to review is “Small Entity Compliance Guide”.

Final Rule: Restoring and Extending Overtime Protections | U.S. Department of Labor (dol.gov)

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Please note that we will only post things that are from official sources and have been passed into law. We will not post any information about pending legislation.