Financial Administrators Network

DOMA Financial Administrators Zoom Call
Topic: Change in Federal Overtime Rules
September 12, 2024

As you may know, starting on July 1, "employees who earn less than $43,888 annually ($844 weekly) are now eligible for overtime pay unless they fall under a Fair Labor Standards Act (FLSA) exemption. This is an increase from the previous threshold of $35,568 annually ($684 per week). Another increase is scheduled for January 1, 2025, and automatic increases will occur every three years thereafter.

Employers must decide whether to raise salaries or reclassify employees as nonexempt if exempt employees make less than the new minimum salary requirements.” - Jill Stampe, Auxilio Partners, www.auxilio.partners.

We were joined by Jill Stampe, HR Manager for Auxilio Partners, a team which supplies business services for churches and faith-based nonprofits.