Millions more elibigle for overtime pay under new rule
Source: Washington Post via Nola.com
The Obama administration will unveil a new rule Wednesday that would make millions of middle-income workers eligible for overtime pay, a move that delivers a long-sought victory for labor groups.
The regulations, which were last updated more than a decade ago, would let full-time salaried employees earn overtime if they make up to $47,476 a year, more than double the current threshold of $23,660 a year.
The Labor Department estimates that the rule would boost the incomes of 4.2 million additional workers.
The move caps a long-running effort by the Obama administration to aid low- and middle-income workers whose paychecks have not budged much in the past few decades, even as compensation for the top earners in the country has soared. The last update to the rule came in 2004, and Wednesday's announcement is the third update to the salary threshold for overtime regulations in 40 years.
Read more: http://www.nola.com/politics/index.ssf/2016/05/overtime_pay_expanded.html
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