{"id":320721,"date":"2024-04-25T10:00:50","date_gmt":"2024-04-25T04:30:50","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=320721"},"modified":"2024-04-25T14:43:49","modified_gmt":"2024-04-25T09:13:49","slug":"the-us-department-of-labor-finalises-rule-to-revise-compensation-thresholds-for-overtime-eligibility","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/25\/the-us-department-of-labor-finalises-rule-to-revise-compensation-thresholds-for-overtime-eligibility\/","title":{"rendered":"US Department of Labor finalises rule to revise compensation thresholds for overtime eligibility"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">The US Department of Labor:<\/span> On 22-04-2024, the Department of Labor (\u201cDepartment\u201d), finalised rule revising and updating the regulations issued under the Fair Labor Standards Act, dealing with compensation thresholds for overtime eligibility, that shall be effective from 01 July 2024, increasing the threshold from $35,568 to $43,888, and further increasing it to $58,656 by 01 January 2025.<\/p>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Applicability:<\/span> The regulations apply to executive, administrative, professional, outside sales, and computer employees, and highly compensated employees, to adjust their threshold receiving a salary less than $58,656 annually.<\/p>\n<p style=\"font-weight: bold;\">Key Points:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>Increase in standard salary level<\/li>\n<li>Increase in the highly compensated employee total annual compensation threshold<\/li>\n<li>Incorporating mechanism to update salary and compensation thresholds<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\">Data-driven updating of salary thresholds every three years to determine new salary levels<\/p>\n<\/li>\n<\/ul>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Note:<\/span> The final rule has been approved by the Office of Management and Budget\u2019s Office of Information and Regulatory Affairs and has been submitted to the Office of the Federal Register (OFR) for publication. It is currently pending placement on public inspection at the OFR and publication in the Federal Register.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">The Rule updates the present annual salary threshold from $35,568 to $58,656 by 01 January 2025<\/p>\n","protected":false},"author":67011,"featured_media":320730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,4],"tags":[67941,67942,67943,67940,67939],"class_list":["post-320721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign","category-legislationupdates","tag-fair-labor-standards-act","tag-information-and-regulatory-affairs","tag-office-of-the-federal-register","tag-overtime-eligibility","tag-us-department-of-labor"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 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