Millions more American workers will soon be eligible for overtime pay under a rule being finalized Wednesday by the Labor Department.
The rule says anyone who makes less than $47,476 per year must receive time-and-a-half pay if they work more than 40 hours a week. That's roughly double the current threshold.
The measure is one of the most sweeping moves the Obama Administration has made so far in its efforts to boost slow-growing incomes. But it's sure to face opposition from some business-owners.
According to the Labor Department, the higher income threshold will make 4.2 million salaried workers newly eligible for overtime pay. The rule could also benefit millions of others who are already technically eligible but not receiving overtime.
"Our whole mission here is about strengthening and growing the middle class," Labor Secretary Tom Perez told NPR. "In order to do that, we need to ensure that middle class jobs pay middle class wages."
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Another area where the costs associated with the labor force are increased due to government requirements!
ReplyDeleteWe shall soon see the additional labor will be shifted to those employees making over the threshold - or the employees are converted to a lower hourly rate...either way, the workers will feel the pain!