DOL Releases Updated Overtime Rule

The DOL released its updated federal overtime rule on April 23, 2024. With limited exceptions, the rule increases the minimum salary for exemption as executive, administrative, or professional ("EAP") employee from $684 per week ($35,568 annualized) to $844 per week ($43,888 annualized) effective July 1, 2024 and to $1,128 per week ($58,656 annualized) effective January 1, 2025. The rule increases the minimum total annual compensation level for exemption as a "highly compensated employee"—e.g., one who customarily and regularly performs any one or more of the exempt duties or responsibilities of an EAP employee—from $107,432 to $132,964 effective July 1, 2024 and to $151,164 effective January 1, 2025.