New proposal may raise overtime requirements
WASHINGTON - President Barack Obama has some new things to say about overtime pay.
The Labor Department is proposing a plan that would make some 5 million more people eligible for overtime pay. The president says the current requirements are based on outdated numbers, and many people are working longer hours for less pay.
Currently any salaried employee making more than $455 a week - or $23,660 can be considered a "manager" and given limited supervisory duties. That makes them ineligible for overtime. The new plan would bump the limit up to $970 dollars a week - or $50,440 a year. This limit would reset in 2016.
The president thinks the plan is a win-win for employees and businesses. Employees will be making more money, and businesses won't have to worry about competition paying workers less money.
The president is expected to explain the proposal during his visit to Wisconsin on Thursday.