The U.S. Department of Labor has implemented a final rule that significantly increases the salary threshold for overtime eligibility. This change will expand overtime pay to approximately 4 million more workers, benefiting lower-paid salaried employees who perform similar duties as their hourly counterparts. The new rule is expected to result in an income transfer of approximately $1.5 billion from employers to workers within its first year.
The U.S. Department of Labor has released a final rule expanding overtime pay eligibility to millions of salaried workers. The new rule raises the salary threshold in two stages, making an estimated 4 million additional workers eligible for overtime. The rule is expected to transfer $1.5 billion from employers to workers in its first year.
The Biden administration has announced a new rule that will expand overtime pay eligibility to millions of lower-paid salaried workers earning less than $58,656 annually. The rule, which will be phased in over the next several years, aims to ensure that workers are fairly compensated for working more than 40 hours per week. Previously, only workers making $35,568 or less each year were eligible for overtime pay. It is estimated that the new rule could result in an additional $1.5 billion in pay for employees.
The Biden administration has issued new rules that could allow many salaried workers to start collecting overtime pay. The Department of Labor announced it is raising the minimum salary threshold for exempt employees from $35,568 per year to $43,888 per year in July. The department also said the threshold will go up to $58,656, effective Jan. 1, 2025. This means that people making under $58,656 will be eligible for overtime in 2025.
The Biden administration has finalized a new rule that will make millions more salaried workers eligible for overtime pay in the U.S. The move marks the largest expansion in federal overtime eligibility in decades. Starting July 1, employers will be required to pay overtime to salaried workers who make less than $43,888 a year in certain executive, administrative, and professional roles. The Labor Department estimates that 4 million lower-paid salaried workers who are exempt under current regulations will become eligible for overtime protections in the first year under the new rule.
The Biden administration has finalized a new rule set to make millions of more salaried workers eligible for overtime pay in the U.S., marking the largest expansion in federal overtime eligibility in decades. Starting July 1, employers will be required to pay overtime to salaried workers who make less than $43,888 a year in certain executive, administrative, and professional roles. The cap will then rise to $58,656 by the start of 2025.
The Biden administration has finalized a new federal rule that will expand overtime protections to millions of workers who are currently excluded under current law. The Labor Department’s regulation will ensure that salaried workers who earn less than $58,656 per year will automatically be entitled to overtime pay when they work more than 40 hours in a week, starting in 2025. The “overtime salary threshold” would then be updated every three years, starting in 2027, to account for inflation.
In a landmark move, the Biden administration has finalized a new rule that will significantly expand overtime eligibility for salaried workers in the United States. Starting July 1, employers will be required to pay overtime to salaried workers earning less than $43,888 annually in certain executive, administrative, and professional roles. This threshold will rise to $58,656 by 2025. The new rule also extends overtime eligibility to some highly compensated workers, with the annual threshold increasing from $107,432 to $151,164 by 2025. The Labor Department estimates that over 4 million lower-paid salaried workers and 292,900 higher-paid workers will become eligible for overtime protections under the new rule.
The Biden administration has finalized a new rule that will significantly expand overtime pay eligibility for salaried workers in the United States. Starting July 1, employers will be required to pay overtime to salaried workers who make less than $43,888 a year in certain executive, administrative, and professional roles. This cap will then rise to $58,656 by the start of 2025. The new rule also expands overtime eligibility for some highly-compensated workers. The Labor Department estimates that 4 million lower-paid salary workers who are exempt under current regulations will become eligible for overtime protections in the first year under the new rule. Critics have argued that the new regulation could saddle companies with new costs, while advocates have applauded the administration’s move as overdue.
