Obama administration announces final overtime rule, boosting pay for millions

More than 4 million Americans could get pay hikes under new federal regulations that will double the salary level under which workers must be paid overtime, the White House said Tuesday.

The Labor Department’s final rule, to be finalized Wednesday, establishes a new overtime pay threshold of $47,476 a year for those working more than 40 hours a week.

That’s below the $50,400 that the administration announced in its proposal last June, but twice the current level of $23,660 a year, which has been unchanged for more than a decade.  Read More

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