The Fair Labor Standards Act (FLSA) is a federal law regulated by the Wage and Hour Division of the United States Department of Labor (DOL). The Act regulates wage and your requirements such as minimum wage, overtime, equal pay, and time reporting requirements.
The current minimum weekly dollar amount required to meet the salary test for exempt status is $455 per week or $23,660 per year. On May 18, 2016, President Obama and Secretary Perez announced the publication of the Department of Labor's final rule updating the overtime regulations. The regulations increase the standard salary level to qualify for exemption from the FLSA minimum wage and overtime requirement from $455 per week ($23,660 per year) up to $913 per week ($47,476 per year).