Devine-Millimet - Breaking news: DOL adjusts OT threshold for an estimated 3 million workers

Breaking news: DOL adjusts OT threshold for an estimated 3 million workers

4/23/2024

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On April 23rd, the United States DOL announced its final rule on the overtime threshold, a development that affects an estimated 3 million workers. Under the new rule, the OT threshold will rise to the equivalent of a $43,888 annual salary on July 1, 2024 based on existing methodology, and then to an equivalent of $58,656 on January 1, 2025, based on a new methodology. These figures are an increase from the current rate of $684 a week, which is approximately $35,568 a year.

Some workers are exempt from the new rule based on an analysis of their duties, including some employees with bona fide executive, administrative and professional duties. If you have any questions about whether the new rule applies to your business or your employees, the attorneys in the Employment Law group at Devine Millimet would be pleased to assist.  Deirdre Salsich can be reached at dsalsich@devinemillimet.com, or by phone, at 603-669-1000. 

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Devine Millimet is one of the largest and most dynamic business and litigation law firms in the region, serving our clients and our communities since 1947. Working from our historic headquarters building in Manchester, New Hampshire, and our satellite offices in Concord and Portsmouth, New Hampshire, we serve individuals, businesses, and nonprofits in the areas of business & commercial litigation, construction litigation, criminal law, employee stock ownership plans (ESOPs), divorce & domestic relations, employment consulting and litigation, healthcare, insurance defense, intellectual property litigation, medical & professional malpractice, personal injury, probate litigation, real estate, ski defense litigation, tax, utilities, bankruptcy and collections work, estate planning, and all aspects of corporate law, including finance and business formation and mergers and acquisitions.

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Lindsay McFarland
marketing@devinemillimet.com
603-669-1000