Industry reports, Department of Labor statistics

Biden Administration Implements New Overtime Rule on July 1, Raising Salary Thresholds to $43,888

Jul 1, 2024, 07:20 PM

Millions of workers are now eligible for overtime pay following the implementation of a new rule by the Biden administration. The threshold for salaried workers to qualify for overtime pay has been raised from $35,568 to $43,888. This threshold is set to increase again to $58,656 in 2025. The rule, effective July 1, 2024, extends overtime protections to a broader range of employees, including those in executive, administrative, professional, outside sales, and computer roles. The Department of Labor's final rule, titled 'Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees,' aims to ensure fair compensation for millions of salaried workers. However, the new rule does not apply everywhere.