AGB Policy Alert: U.S. Department of Labor Issues New Overtime Rule

On April 26, 2024, the U.S. Department of Labor (DOL) issued a new rule regarding “exempt” and “nonexempt” employee status under the Fair Labor Standards Act (FSLA). The new rule revises the standard salary threshold and will classify more workers as nonexempt and therefore eligible for overtime pay. The threshold will be raised beginning July 1, then again on January 1, 2025.

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