President Obama is one step closer to signing off on the expansion of overtime pay for roughly 4.2 million American workers who are ineligible under federal law. The Department of Labor will make final adjustments Wednesday to a measure revamping guaranteed overtime protections for employees and doubling the salary threshold. Over the next 10 years, the new rule will increase wages by $12 billion.
In an email, President Obama wrote, “For generations, overtime protections have meant that an honest day’s work should get a fair day’s pay, and that’s helped American workers climb the ladder of success. That’s what middle-class economics are all about. But after years of inflation and lobbyists’ efforts to weaken overtime protections, that security has eroded for too many families.”
The Department of Labor released this video outlining the current outdated overtime salary threshold and what’s being done to ensure extra pay meets the extra workload.
The rule becomes effective on December 1 ultimately doubling the salary threshold—from $23,660 to $47,476 per year—granting most salaried workers guaranteed overtime (hourly workers are promised overtime pay at any earnings level). The revisions will be updated every three years to ensure fairness.
(But, the next President’s administration could technically make revisions but we are not speaking that into existence.)
Here’s to getting thine coin.
