Colorado Exempt Salary Threshold 2024. The rule will raise the threshold to $844 per week and the equivalent of $43,888 per year on july 1, and then to $1,128 per week and the equivalent of $58,656 on january 1, 2025. Under this new ruling, the salary threshold for exempt employees—those not entitled to overtime pay—will rise from an annual salary of $35,568 ($684 per week) to $43,888 ($844 per week), effective 7/1/2024.
The colorado department of labor and employment (“department”) adopted the colorado overtime & minimum pay standards order #38 (comps), the 2022 pay calc order and updated its wage protection rules on nov. The hce requirement further rises to $151,164/year on january 1, 2025.
On The Same Triennial Schedule Noted Above, The Dol Will Raise The Salary Threshold For The Hce Exemption To Keep Pace With Earnings Data.
Colorado private sector employers, take note:
The July 1 Increase Updates The Present Annual Salary Threshold Of $35,568 Based On The Methodology Used By The Prior Administration In The 2019 Overtime Rule Update.
As of july 1, the annual total compensation [1] requirement for the hce exemption rises to $132,964/year (up from $107,432/year).
By July 1, 2024, The Comps Order Will Impose A $55,000 Minimum Salary Threshold For An Employee To Qualify As Exempt.
Images References :
Then, On 1/1/2025, It Will Increase Again To $58,656 Annual Salary ($1,128 Per Week).
Beginning july 1, 2024, the minimum annual pay threshold for a salaried employee will increase from $35,568 to $43,888.
By July 1, 2024, The Comps Order Will Impose A $55,000 Minimum Salary Threshold For An Employee To Qualify As Exempt.
The list includes some special districts in states but does not include all of said districts.
$1,128 Per Week ($58,656 Annually) $151,164 Annually.