As of Tuesday, May 18th, 2016 the Obama Administration began finalizing new guidelines governing overtime pay in the U.S.The new guidelines will make millions of American workers eligible for overtime pay.
The rule says anyone who makes less than $47,476 per year must receive time-and-a-half pay for hours worked beyond 40 hours a week. That’s roughly double the current threshold of $23,660.
The rule change is authorized under New Deal-era legislation called the Fair Labor Standards Act.
The measure is one of the more aggressive moves the Obama administration has made so far in its efforts to boost slow-growing incomes.
The new changes are slated rto in effect December 1, 2016
It’s certain to face opposition from some business owners.