New FLSA threshold
I am salary exempt and constantly work 60+ and the new FLSA threshold is being raised to $58,656 will take me from a exempt employee to a non exempt employee. I know I will not receive a large enough raise to push me over that new limit. What does this mean for me? Will I have to now keep a timesheet and submit justification for overtime?
Resolution/Notes
"The department’s final rule, which will go into effect on July 1, 2024, will increase the standard salary level that helps define and delimit which salaried workers are entitled to overtime pay protections under the FLSA. Starting July 1, most salaried workers who earn less than $844 per week will become eligible for overtime (comp time) pay under the final rule. And on Jan. 1, 2025, most salaried workers who make less than $1,128 per week will become eligible for overtime pay (comp time). As these changes occur, job duties will continue to determine overtime exemption status for most salaried employees. ASU is actively assessing this ruling and will communicate to the broader ASU community once we have more information.