The Department of Labor (DOL) has raised the earnings threshold which qualifies exempt employees for overtime pay from the current level of $35,568 to $43,888 effective July 1, 2024. The threshold will increase again on January 1, 2025 to $58,656, and again on July 1, 2027 to an amount based on a currently undefined formula, with automatic three-year increases going forward.  About 4 million more workers will qualify for overtime when the rule is fully implemented in January, the agency estimates.
 
The final rule provides employers, including colleges and universities, with a breather for the current fiscal year as many expected a one time jump to near $60,000. Litigation over the new rules is expected from business groups and trade associations.  In 2016, then-President Barack Obama asked the Labor Department to overhaul federal overtime rules and raise the salary threshold to $47,476 a year. But business groups and 21 states sued and a federal judge in Texas issued an injunction.

Below is a sample of media coverage:
 
Biden-Harris Administration Finalizes Rule to Increase Compensation Thresholds for Overtime Eligibility, Expanding Protections for Millions of Workers
U.S. Department of Labor (April 23, 2024)
 
Biden Administration Finalizes Overtime Rule
Inside Higher Ed (April 24, 2024)
 
A New Rule Will Expand Who on Campus Is Eligible for Overtime Pay. Here Are the Details.
The Chronicle of Higher Education (April 25, 2024)
 
How Much Has Noninstructional-Employee Pay Changed Over Time?
The Chronicle of Higher Education (April 24, 2024)
 
New Biden Rule Would Make 4 Million White-Collar Workers Eligible for Overtime Pay
USA Today (April 23, 2024)
 
What You Need to Know About New Overtime Rule That Will Benefit Millions
The Washington Post (April 25, 2024)
 
Millions More Salaried US Workers Are Set To Be Eligible for Overtime Pay Starting July 1
The Associated Press (April 24, 2024)
 
Federal Regulators Just Passed Two New Worker-Friendly Rules
AXIOS.com (April 25, 2024)
 
New Biden Rule Extends Overtime to Millions of Salaried Workers
The Hill.com (April 23, 2024)