The new rule, which took effect on July 1, 2024, requires that any salaried workers who earn less than $43,888 (or $844 per week) are entitled to overtime pay for any hours worked beyond 40 hours per week. Under the new rule, the threshold will increase for the first time on January 1, 2025 and will be scheduled to increase every three years thereafter. On January 1, 2025, any salaried employers who earn less than $58,656 a year (or $1,128 per week) will be entitled to overtime pay. In creating a higher threshold, the Department of Labor estimates that approximately $4 Million previously exempt workers will be eligible for overtime pay.

Read More