city skyline

Biden-Harris Administration Announces Final Rule Increasing Overtime Compensation Thresholds

On April 23, 2024, the Biden-Harris administration expanded overtime protections for millions of salaried workers. The rule becomes effective July 1, 2024, and will increase the current salary threshold of $35,568 to $43,888, and then increase again on January 1, 2025 to $58,656. Beginning July 1, 2027, wage thresholds will be updated every three years.

Some key provisions of the final rule include:

  • Expanded overtime protections
  • Ensuring time-and-a-half pay to non-exempt employees working more than 40 hours a week
  • Regular updates to salary thresholds

The rule aims to ensure fair compensation to some of the lower paid workers for pay that was previously uncompensated.

 

MLMW is a full-service business law firm that can assist your business in a wide array of transactions and transitions, including employment agreements and issues. We also work with individuals and businesses through commercial litigation, contract disputes, and related real estate transactions.