President Barack Obama will this week release a long-awaited overtime rule aimed
at raising wages for 5 million people as soon as 2016, according to sources
familiar with the plans.
The proposed rule will more than double the salary level under which virtually all workers qualify for overtime pay whenever they work more than 40 hours in any given week. That threshold, now $23,660, will rise to $50,440.
The regulation would be the most sweeping policy undertaken by the president to assist the middle class, and it would constitute the most ambitious intervention in the wage economy in at least a decade.
Obama will announce the proposed regulation formally on Thursday during a trip to La Crosse, Wisconsin, but details will begin to be released by the White House on Tuesday.
U.S.
President Barack Obama is expected on Tuesday to reveal details of an overtime pay rule change
(Politico) that could increase wages for up to five million people;
the president will make a formal announcement on Thursday.
