New Rule by Biden Administration Raises Salary Threshold for Overtime Eligibility
Tuesday, 23 April 2024, 20:05
Overview
The Biden administration announced a rule to ensure fair compensation for salaried workers earning $59,000 or less annually. The Labor Department stated that the rule would raise the salary thresholds for overtime pay exemption.
Key Points
- Starting July 2022, the salary threshold will be $43,888.
- It will further increase to $58,656 by January 2025.
- The rule aims to bridge the wage gap between salaried and hourly workers.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.