The Obama Administration will this week announce long awaited new regulations that will provide increased overtime pay to approximately five million workers.
President Obama said Monday that he wants to require overtime pay for salaried workers who make up to $50,400 a year, a proposal that the White House estimates will cover nearly 5 million workers.
The changes would go into effect in 2016 and would replace current overtime regulations, which require overtime pay for salaried workers making less than $23,660 a year. “Right now too many Americans are working long days for less pay than they deserve,” Obama wrote in a Huffington Post op-ed announcing the proposal. “That’s partly because we’ve failed to update overtime regulations for years.”