According to federal estimates, at least 4 million more Americans will be eligible for overtime pay by Jan. 1, 2025
Updated: May. 30, 2024, 3:05 p.m.Millions of workers will become eligible for overtime pay under new federal rules in 2025.Millions of Americans will become eligible to receive overtime pay after a new federal overtime rule goes into effect beginning July 1, 2024, and continuing to Jan. 1, 2025.
Most hourly employees are required to be paid 1.5 times their pay rate, if they work overtime under theThis applies to salaried workers, too. However, the current standard before the new overtime rule goes into effect only allows salaried workers making $35,568 per year — $684 a week — or less to be eligible for overtime pay,that under the new rule going into effect July 1, the salary threshold will increase to $43,888 per year — $844 a week — or less.
When phase No. 2 of this new rule goes into effect on Jan. 1, 2025, the salary threshold will increase to $58,656 per year — $1,128 per week — or less. In the first phase of the new overtime rule on July 1, 1 million more workers will be able to receive overtime pay. In the second phase starting Jan. 1, 2025, 3 million more workers will get overtime pay.
And starting July 1, 2027, salary thresholds will change every three years based on the most current wage data available.
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