By July 1, 2024, anyone making a salary of less than $43,888 will qualify for overtime pay. By January 1, 2025, anyone making a salary of less than $58,656 must receive overtime pay.
This will be a huge burden for many small businesses, particularly for rural Iowa lodging establishments, where market-competitive wages may not meet these minimums. This new one-size-fits-all rule mandates that, unless explicitly exempted, employees under the new threshold and covered by the FLSA, must receive overtime pay at a rate not less than 1½ times their regular pay rate for hours worked beyond 40 in a workweek.
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