More Work, More Pay? New Rule Extends Overtime To Millions
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MIAMI (CBSMiami/AP) — The Obama administration issued new rules Wednesday that would make more than 4 million U.S. workers eligible for overtime pay.
The policy changes are intended to counter an erosion in overtime protections, which date from the 1930s and require employers to pay 1 ½ times a worker's regular salary for any work past 40 hours a week.
Vice President Joe Biden announced the changes at Jeni's Splendid Ice Creams in Columbus, Ohio.
In the fast food and retail industries in particular, many employees are deemed "managers," work long hours, but are barely paid more than the people they supervise.
Under the new rules, first released in draft form last summer, the annual salary threshold at which companies can deny overtime pay will be doubled from $23,660 to nearly $47,500.
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