Highly Compensated Employee Exemption 2024. The final rule will increase the standard salary level and the highly compensated employee total annual compensation threshold on the rule’s effective date. The employee must earn a total annual.
Don’t forget to review employees who formerly qualified for the highly compensated exemption (hce). The final rule also applies to employees covered under the.
Starting July 1, 2024, Employers Must Satisfy A Higher Salary Threshold In Order To Consider Employees As Exempt From Fair Labor Standards Act Overtime Rules.
To qualify for the highly compensated employee exemption, an employee must:
The Rule Will Also Increase The Total Annual Compensation Requirement For Highly Compensated Employees (Who Are Not Entitled To Overtime Pay Under The Flsa If.
Highly compensated employees who receive total annual compensation of at least $132,964 effective july 1, 2024, and at least $151,164 effective jan.
A Recent Final Rule That Will Significantly Increase The Fair Labor Standards Act’s (Flsa’s) Annual Salary.
Under the flsa, an employee must meet the following requirements to be deemed exempt from overtime pay as a “highly compensated employee.” the employee’s annual salary must be $132,964 (as of july 1, 2024) or more per year.
The Rule Also Increases The Salary Threshold For The Highly Compensated Exemption.
In april 2024, the department issued a final rule increasing the standard salary level for exemption, and the total annual compensation requirement for highly compensated.