The DOL recently released a rule that will extend eligibility for overtime pay to millions of salaried workers.
Currently, most workers who make an annual salary of less than $35,568 are eligible for overtime pay. The new rule will raise the salary threshold to $43,888 on July 1, 2024 and then to $58,656 on January 1, 2025.
The 2025 threshold will almost match the salary for a typical full-time worker in the US, which was about $59,000 at the start of this year, according to separate DOL data.
For more details on the new overtime rule, see DOL Issues New Rule Raising Minimum Salary Thresholds for Overtime Exemptions
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