Published to Newsletter on Sep 17, 2024
On April 23, 2024, the Department of Labor (DOL) released a two-part final rule adjusting salary thresholds for overtime exemptions under the federal Fair Labor Standards Act (FLSA).
Part 1 of the changes took effect on July 1, 2024, increasing the weekly salary threshold for overtime exemption from $685 to $844. This change had minimal impact on the University.
Part 2 is proposed to take effect on January 1, 2025, with a more significant increase to the weekly salary threshold from $844 to $1,128 per week. This adjustment is expected to affect many employees and could lead to a significant increase in the number of individuals eligible for overtime pay.
In preparation for the changes, UNM HR is closely monitoring any changes to the rule and will provide updates as more information becomes available. Additionally, we are currently assessing how this will impact staff employees at the University and will work closely with impacted departments to ensure a smooth transition. Stay tuned for more details related to FLSA changes. If you have any questions, you can reach out to comp@unm.edu.
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