Obama Administration to Expand Overtime Eligibility to “the Equivalent of a $50,440 Annual Salary”
The Obama administration plans to raise the wages of millions of Americans who work more than 40 hours a week by requiring their employers to pay them overtime.
The Department of Labor will announce as soon as Tuesday a draft regulation to increase the minimum salary for exempting workers from a federal overtime requirements to $970 a week in 2016, the equivalent of a $50,440 annual salary, said an administration official, who asked for anonymity because the plan hasn’t been officially announced.
This is huge news for the middle class. If you want to read a primer about why an increased overtime threshold is so important, you can’t do any better than Nick Hanauer’s Politico Magazine piece, “Whatever Happened to Overtime?”
Also, prepare yourself for an endless barrage of conservative whining about how this is going to hurt the job creators (blessed be their name). We’ll be discussing why this argument is disingenuous and untruthful in the weeks to come here on Civic Skunk Works. For now, though, let’s celebrate!