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In an effort to reduce income inequality and support middle-class workers, President Obama has proposed a new rule that would change how salaried workers are paid. Under this new rule, employers would be required to pay time-and-a-half to salaried workers who clock more than 40 hours per week. However, this would only apply to those who make less than $50,440 a year. This is a sizeable jump from current rules which require overtime pay for those making less than around $23,660 per year.
This new rule is similar to legislation bounced around Congress for several years now. There is great debate about whether it would help or hurt around 5 million workers. According to Labor Secretary Thomas Perez, the new rule could affect pay by $1.2 billion to $1.3 billion. There is question as to where this funding would come from, though. If employers are required to pay employees more, adjustments have to be made somewhere.
The rule raises concern that employers would be forced to start cutting back hours or even entire positions so that employees don’t have overtime. In turn, this could have a negative rather than positive effect on the economy. Former Texas Gov. Rick Perry told The Hill that he believes “government shouldn’t be in the business of mandating how much employers pay, or the level of benefits they provide.”
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Middle-Class Workers Pay Hike
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