Two significant federal updates were announced April 23, 2024 that could impact millions of employers and employees.
In a much-anticipated move, the Federal Trade Commission (FTC) issued its final rule banning noncompete agreements for most U.S. workers. The new rule will prohibit employers from enforcing and entering into noncompetes with most of their employees.
Also announced, the Department of Labor has increased the Fair Labor Standards Acts’ annual salary level threshold for exempt employees from $35,568.00 to $43,888.00 (7/1/24) and to $58,656.00 (1/1/25), thus requiring employers to classify employees who make less than the salary threshold to be nonexempt and subject to overtime.
For questions about how these changes may impact your business, contact an attorney from our Labor & Employment Practice Group here.
