U.S. Department of Labor Revises Overtime Regulations

The U.S. Department of Labor has announced revisions to overtime regulations under the federal Fair Labor Standards Act (FLSA). FLSA states that salaried employees performing executive, administrative, or professional duties are exempt from overtime payment requirements, provided such employees earn more than a specified amount. Effective July 1, 2024, that salary threshold will increase from $35,568 per year to $43,888 per year; that threshold will again increase to $58,656 per year on January 1, 2025 - meaning that employees earning less than those amounts will be eligible for overtime payments. More information about this rule change can be found here.