New Exempt Salary Threshold 2024
New Exempt Salary Threshold 2024. The new york state labor department approved new minimum salary thresholds for exempt executive and administrative workers for the next three years. First, on july 1, 2024, the salary threshold will rise from $107,432 to $132,964 per year (a 23% increase).
The new rule increases the salary for white collar exempt employees from $684 per week to $844 per week effective july 1, 2024, and $1,128 per week effective january 1, 2025;. Specifically, the new dol rule increases the minimum salary for exempt employees from $684 per week ($35,568 annually) to $1,059 per week ($55,068 annually).
The Final Rule Increases The Salary Threshold Required To Exempt A Bona Fide Executive, Administrative, Or Professional Employee From Federal Overtime Requirements.
As a result of the new minimum wage, the state has proposed increasing the minimum salary requirement for the executive and administrative exemptions to $1,200 per week.
Employers Should Adjust Their Minimum Exempt Salary To $58,458.40 Annually ($1,124.20 Weekly) To Reflect The Increase That Took Effect January 1, 2024 In Areas Outside Of New York City, Westchester County, And Long Island.
The final rule will increase the standard salary level and the highly compensated employee total annual compensation threshold on the ruleโs effective date on july 1, 2024, and on.
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Specifically, The Proposed Rule Would Increase The Minimum Salary Required To Be Paid To An Executive, Administrative, Or Professional Employee In Order For That Employee To Be.
Effective july 1, 2024, the salary threshold will increase to the equivalent of an annual salary of $43,888 and increase to $58,656 on jan.
The Increase Will Take Effect In Two Stages Over Six Months.
The new rule increases the salary for white collar exempt employees from $684 per week to $844 per week effective july 1, 2024, and $1,128 per week effective january 1, 2025;.