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The FTC decision doesn't change that. ... That cap will then rise to $58,656 by the start of 2025. Previously, the cap was $35,568. ... Because the new overtime rules won't take effect until July ...
As of July 1, 2024, hourly workers making the equivalent of $43,888 a year are eligible for overtime pay, up from $35,568, which will increase to $58,656 on Jan. 1, 2025.
The move marks the largest expansion in federal overtime eligibility seen in decades. Starting July 1, employers will be required pay overtime to salaried workers who make less than $43,888 a year in certain executive, administrative and professional roles, the Labor Department said Tuesday. That cap will then rise to $58,656 by the start of 2025.
“There is really only one change coming to Americans’ paychecks in 2025,” Termini shared. “The ‘wage base’ to which Social Security taxes apply is rising.
Department of Labor poster notifying employees of rights under the Fair Labor Standards Act. The Fair Labor Standards Act of 1938 29 U.S.C. § 203 [1] (FLSA) is a United States labor law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week.
The Biden administration proposed a new rule Wednesday that would make 3.6 million more U.S. workers eligible for overtime pay, the most generous such increase in decades. Labor advocates and ...
FLSA: The Fair Labor Standards Act (FLSA) is the federal law commonly known for minimum wage, overtime pay, child labor, recordkeeping, and special minimum wage standards applicable to most private and public employees. FLSA provides the agency with civil and criminal remedies, and also includes provisions for individual employees to file ...
CFR Title 29 - Labor is one of fifty titles comprising the United States Code of Federal Regulations (CFR), containing the principal set of rules and regulations issued by federal agencies regarding labor. It is available in digital and printed form, and can be referenced online using the Electronic Code of Federal Regulations (e-CFR).