The Obama adminstration is issuing new rules that extend overtime pay to 4.2 million U.S. workers. Linda So reports.
More than 4 million U.S. workers will now be eligible for overtime pay. Thanks to a new rule unveiled by the Obama administration. The new regulation affects full-time salaried employees who make up to $47,476 a year... that more than doubles the current salary range at which companies can deny overtime. The rule will likely impact every sector of the U.S. economy but is expected to have the biggest impact on retail and restaurant industries where managers are often paid just slightly more to work longer hours and supervise workers. Officials say many workers will earn more money, an estimated $12 billion over the next decade. But the new rule has drawn intense criticism from business groups that say companies will be forced to cut wages and hours.