Minimum Salary For Exempt Employees 2024. The minimum salary required for exemption is two times the state minimum wage for the first 40 hours of employment each week. 1.5 lakh has remained unchanged since 2014.
As a result of a change in the state’s minimum wage, the minimum salary required for these exemptions under state law will increase to $938.40 per week on january 1, 2024. As of july 1, 2024:
The Final Threshold Will Increase Again On January 1, 2025, To A Minimum Salary Of $1,128 Per Week ($58,656 Per Annum).
In april 2024, the united states department of labor (dol) released a final rule that will increase the minimum salary amount required to be paid to certain employees in order for these employees to be considered exempt from the fair labor standards act (flsa) overtime pay requirements.
Employers Have Been Required Since August 20, 2023, When The U.s.
Thereafter, the rule provides for an automatic update to the threshold every three years based on wage data.
Minimum Salary For Exempt Employees 2024 Images References :
Employers That Have Exempt Workers Who Earn More Than $684 Per Week, But Less Than The New Salary Thresholds Of The Final Rule (And Who Satisfy The Duties Requirements), Can Comply By Increasing Affected Employees’ Salaries To The Minimum Salary Level So They Maintain Their Exempt Status.
1.5 lakh has remained unchanged since 2014.
As Of January 1, 2024, Employees In California Must Earn An Annual Salary Of No Less Than $66,560 To Meet This Threshold.
The following is a comprehensive list of the 2024 exempt status salary threshold by city and state.
