President Barack Obama is right to want to put more money in the pockets of lower-paid workers. Issuing another government regulation, however, is not the best way to get it there.
Once a new Labor Department rule takes effect, workers earning between $23,660 and $47,476 will be entitled to overtime pay — extending a provision that already applies to the lowest-paid. The new upper threshold will be increased every three years in line with a measure of wage growth. More than 4 million workers will be newly eligible, according to the government, boosting wages by an estimated $12 billion over the next 10 years.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
