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department of labor updates overtime pay exemption requirements
On April 23, 2024, the United States Department of Labor issued a final rule updating the exemptions to its overtime pay requirements for executive, administrative, and professional (“EAP”) employees, and certain highly compensated employees. The final rule will go into effect on July 1, 2024. The final rule revises the annual compensation threshold required to be exempt from overtime pay requirements for EAP employees and certain highly compensated employees. Additionally, it creates a mechanism that provides for timely updates to those annual compensation thresholds to reflect current earnings data.