The April 2024 overtime rule raises the standard salary-threshold levels in two phases. Workers who do not earn at least $43,888 ($844 a week) as of July 1, 2024, would have to be paid overtime. The salary-level threshold rises to $58,656 a year ($1,128 a week) as of Jan. 1, 2025. There are automatic increases to the salary threshold every three years.
This spreadsheet contains formulas to calculate the financial impact of the increase to the exempt minimum salary threshold. Employers can see the cost of different options, such as increasing the salary of an exempt position or reclassifying a position as nonexempt with overtime eligibility.
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An organization run by AI is not a futuristic concept. Such technology is already a part of many workplaces and will continue to shape the labor market and HR. Here's how employers and employees can successfully manage generative AI and other AI-powered systems.
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