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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