The U.S. Department of Labor has issued a final rule revising the white-collar exemptions to the Fair Labor Standards Act’s overtime rules. The rule will increase the minimum amount that a salaried employee must be paid to be exempt from overtime pay—from the current $684 per week (equivalent to $35,568 per year) to $1,128 (equivalent to $58,656 per year). This 65% increase is even higher than the almost 55% increase that DOL proposed last September. The increase will occur in two phases, with the minimum salary level increasing to $844 per week on July 1, 2024, and to $1,128 on January 1, 2025. The revised regulations also increase the minimum salary for the highly compensated employees’ exemption and establish a mechanism for automatically updating the salary levels every three years.