The Department of Labor & Industries announced an increase in the state minimum wage to $16.24/hour, effective January 1, 2024. Washington’s minimum wage is annually adjusted to inflation. The minimum wage for 14- to 16-year-olds will also be adjusted to $13.84/hour in 2024. Some cities have set higher local minimum wages.
With the annual adjustment of the minimum wage, also comes the annual adjustment to the overtime exemption threshold. The 2024 threshold will be 2x the minimum wage, or at least $1,302.40/week ($67,724.80/year), to avoid overtime.
The overtime exemption threshold is calculated as a multiplier of the minimum wage, and L&I is currently in the midst of an eight-year implementation schedule to increase the multiplier to 2.5x minimum wage.
You can find more information here: Minimum Wage