Obama Seeks Overtime Rules Revamp That Could Help 5 Million Workers

The Obama administration on Tuesday unveiled details of a long-awaited proposal that would make nearly 5 million more U.S. workers eligible for overtime pay, but many businesses say it would force them to cut hours and wages.
Under the proposal, the maximum income a salaried worker could earn and still be eligible for mandatory overtime pay would rise to $50,440 from $23,660, the first significant change in four decades.
U.S. Labor Secretary Thomas Perez said millions of workers would earn an estimated $1.3 billion in additional wages annually. Others would work less hours for the same amount of money, and many businesses would create new part-time positions to fill the gap, he said.