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New overtime laws for salaried workers have changed how overtime pay is calculated and who is eligible, impacting employers and workers.
These changes were introduced to address concerns about fair compensation for overtime work and to ensure that the law keeps pace with the changing nature of work and employment practices.
The US Department of Labor recently announced changes to the minimum annual salary threshold for overtime pay eligibility. These changes will be implemented in two stages. The first stage will take effect on July 1, 2024, when the threshold will increase from $35,568 to $43,888 per year. The second