(from SHRM) The U.S. Department of Labor said Tuesday it will publish a final rule raising the Fair Labor Standards Act’s minimum annual salary threshold for overtime pay eligibility in a two-step process. Starting July 1, the threshold will increase from $35,568 to $43,888 per year. It will then increase to $58,656 on Jan. 1, 2025. The first increase in July 2024 is expected to affect approximately 1 million workers, while the second increase in January 2025 is expected to affect approximately 3 million workers.
Please note: The new thresholds do not affect teachers or athletic coaches who are classified as exempt under the teaching exemption. For more guidance, NBOA members can use the Salary and Overtime Exemption Guidance Toolkit at the top of the Browse by Resources page.
15
years is the target ceiling for a school plant's financial "age."
