The important part of these new rules, per the Department of Labor:
Effective July 1, 2024, the salary threshold [required to exempt a salaried bona fide executive, administrative or professional employee from federal overtime pay requirements] will increase to the equivalent of an annual salary of $43,888 and increase to $58,656 on Jan. 1, 2025. The July 1 increase updates the present annual salary threshold of $35,568 based on the methodology used by the prior administration in the 2019 overtime rule update.
On Jan. 1, 2025, the rule’s new methodology takes effect, resulting in the additional increase. In addition, the rule will adjust the threshold for highly compensated employees. Starting July 1, 2027, salary thresholds will update every three years, by applying up-to-date wage data to determine new salary levels.
Estimates are this will impact approximately 4 million workers, or thereabouts.