The President has introduced a proposal to the department of labor (DOL) that increases the exempt level salary threshold to $55,068. It also proposes automatic increases on the threshold every 3 years. Although the DOL welcomes comments, the proposal is expected to be published in the Federal Register as it stands and go into effect January 1st of 2024.
What that means is that if they have you on salary as exempt and your salary is $55,067.99 or less on January 1st, 2024 you should start tracking any hours worked over 40 during the work week and demand overtime pay for them.
You could also proactively approach your manager/supervisor and ask if the company will be raising your salary to meet the new minimum requirement or if they will reclassify you as non exempt and how should you go about tracking your hours (am I clocking in or submitting a time sheet?) and how their reclassification aligns with the salary test. Don’t simply allow them to reclassify you if you meet the test for salaried.
Also, if you’re the SME in your company this may be a time to renegotiate your salary.