What is the 2024 update?

On April 23, 2024, the U.S. Department of Labor (DOL) published changes to update the minimum salary levels needed for jobs to be exempt from overtime pay under the FLSA. The DOL changes, which become effective July 1, 2024, will increase the minimum salary level for exempt employees from $684 on a weekly basis ($35,568 annually) to $844 weekly ($43,888 annually).