The U.S. Department of Labor has announced a new federal overtime rule that will come into effect on July 1, 2024.
Under this rule, employees earning below $43,888 as of July 1, 2024, and subsequently below $58,656 starting January 1, 2025, will qualify for overtime pay. The rule specifically pertains to the Fair Labor Standards Act’s exemptions for white-collar positions categorized as "executive, administrative, and professional." These exemptions determine which employees are not entitled to overtime compensation under federal law when they exceed 40 hours of work in a week.
Employers must attend this webinar to grasp and execute the required adjustments to ensure compliance with these updated regulations.