I just got this in the mail. The Department of Labor has finally raised the salary threshold for overtime pay. No overtime for a salary of only $24,000/yr is preposterous. That is far to low. Great news for workers!
In more than 40 years, Congress has only raised the salary threshold for overtime pay once. This means that managers and many other professionals who earn modest salaries have long been eligible for overtime only if they earn less than $23,660 a year. As a result, millions of women and their families were losing out on overtime pay that could have made a critical difference in growing their paychecks.
For too long, outdated overtime rules have unfairly shortchanged workers — including the two-thirds of mothers who are breadwinners or co-breadwinners for their families.
The final regulations from the Department of Labor mean that workers who make below $47,476 a year will be entitled to overtime if they work more than 40 hours a week even if they’re in a salaried managerial or professional position. This will give millions more workers the overtime protections they deserve.
This new rule is a long overdue step toward economic security for millions of women and the families they support.