WASHINGTON, June 30 (UPI) -- President Barack Obama announced a plan Monday that will give overtime pay for salaried employees who make up to $50,400 a year, opening the door for millions of workers to earn time-and-a-half wages.
Obama, in an opinion piece published in The Huffington Post, detailed changes to rules that would raise the salary threshold for those who automatically qualify for overtime to $50,440 a year ($969 a week) from the current $23,660 annually ($455 a week), even if they're classified as a manager or professional. The Obama administration has the power to change the regulation without congressional approval. The change, the second increase since 1975, could come as soon as 2016.