May 2024

FTC Issues Final Rule Banning Noncompetes

DOL Announces Final Overtime Proposal

On April 23, the Department of Labor released its final rule revising overtime exemptions under the Fair Labor Standard Act. Effective July 1, 2024, an executive, administrative, or professional employee must receive a salary equivalent to $43,888 per year in order to be classified as exempt. This will increase to $58,656 on January 1, 2025. The final rule also includes the option for automatic escalations every three years without notice and comment, much like the Obama proposal, which was struck down by the courts. This new rule will also face court challenges and could receive the same fates. IEC will continue to oppose this increase and expressed its opposition in its commentsin November.

Biden Vetoes Joint Employer Resolution  

On May 3, President Biden vetoed H.J. Res. 98, a Congressional Review Act (CRA) resolution to nullify the National Labor Relations Board’s joint employer final rule, despite the resolution passing the House and Senate on a bipartisan basis earlier this year. IEC worked in support of its passage urging representatives and senators vote in favor of the resolution. The administration claimed that “without the NLRB’s rule, companies could more easily avoid liability simply by manipulating corporate structure, like hiding behind subcontractors or staffing agencies.” 

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