(Bloomberg) -- The Obama administration plans to raise the wages of millions of Americans who work more than 40 hours a week by requiring employers to pay them overtime.
Workers who earn as much as $970 a week would have to be paid overtime even if they’re classified as a manager or professional, according to a plan outlined by the Department of Labor on Tuesday. The White House said 4.7 million workers nationwide would be affected within the first year of the rules being put in place.
Many employees now receiving as little as $455 a week, or $23,660 a year -- below the federal poverty line for a family of four -- aren’t entitled to overtime pay because they are classified as managers.
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