Highly Compensated Employee Threshold 2024. To qualify for the highly compensated employee (hce) exemption under the flsa, each employee must satisfy the following: With an increase from $107,432 to $132,964, you will need to determine whether the employee meets the reduced duties test for the exemption to apply.
The annual limit on compensation that can be taken into account for contributions and deductions increased to $345,000 in 2024 (up from $330,000 in 2023). Even if they might not meet all.
The Salary Threshold For Flsa Exemptions For Highly Compensated Employees Will Increase To $151,164/Year.
The final threshold will increase again on january 1, 2025, to a minimum salary of $1,128 per week ($58,656 per annum).
On January 1, 2025, The Annual Salary Threshold Will Increase.
A highly compensated employee is deemed exempt under section 13(a)(1) if:
Highly Compensated Employee Threshold 2024 Images References :
The Rule Will Also Increase The Total Annual Compensation Requirement For Highly Compensated Employees (Who Are Not Entitled To Overtime Pay Under The Flsa If Certain Requirements Are Met) From $107,432 Per Year To $132,964 Per Year On July 1, 2024, And Then Set It Equal To $151,164 Per Year On Jan.
If you receive compensation in 2024 that's more than $155,000 and you’re in the top 20% of employees as ranked by compensation, your employer can classify you as a highly compensated employee.
On January 1, 2025, The Annual Salary Threshold Will Increase.
Starting july 1, 2024, employers must satisfy a higher salary threshold in order to consider employees as exempt from fair labor standards act overtime rules.
