Obama to finalize rule expanding overtime pay
The Department of Labor is expected Wednesday to finalize its rule dramatically expanding overtime pay for about 5 million more workers.
Industry groups are bracing for the final release of the rule, which would approximately double the salary threshold for workers qualifying for overtime.
Current, salaried workers earning up to $23,660 annually must be paid time-and-a-half for every hour they work beyond 40 hours. As proposed, the new threshold would make salaried workers who earn up to $50,440 a year eligible for overtime pay. The administration reportedly is considering revising that threshold down slightly to around $47,000.
A coalition of conservative groups wrote a letter to lawmakers Tuesday urging them to reject the pending overtime rule with legislation that would require an overhaul.
“The legislation requires the U.S. Secretary of Labor to conduct a thorough economic analysis on how updating overtime rules would affect small businesses and take into consideration cost-of-living differences,” the letter stated. “The undersigned groups believe workers should receive fair pay for a day’s work, but the overtime rule as proposed is a poor vehicle to do so.”
* * *