Federal Minimum Salary Threshold Changes

The Federal Department of Labor has finalized new minimum salary thresholds for Administrative, Executive, and Professional exempt positions and employees. Effective July 1st, 2024, the minimum salary requirement will be $844 per week ($43,888 annually), escalating to $1,128 weekly ($58,656 annually) on January 1st, 2025. These figures will undergo incremental increases every three years commencing from July 1st, 2027. It is crucial to comprehend the implications of these alterations and their potential impact on the workforce.

Implementation Dates: July 1, 2024, and January 1, 2025.