Having had his fun with minimum-wages and employment supply-demand-disequilibrium, the President of the United States has decided it’s time that overtime was “modernized” to save-or-create a few more jobs… “if you like your over-time, you can keep your over-time”
Via WaPo,
President Barack Obama is seeking changes in overtime rules that will make millions of workers eligible for time-and-a-half pay for their extra work.
Obama intends to sign a presidential memorandum Thursday directing the Labor Department to propose rules that expand the number of employees who benefit from overtime pay.
And USA Today,
White House aides say current rules are outdated and allow employers to exempt too many workers from overtime pay.
Business groups say the Obama order is likely to lead to less employment and slower economic growth.
The new Obama order is also aimed at congressional Republicans who have blocked many of the president’s proposals, including his call to increase the minimum wage.
The President is due to speak at 220ET
via Zero Hedge http://ift.tt/1cXyKGx Tyler Durden