A federal judge blocked an Obama administration rule to extend mandatory overtime pay to more than 4 million salaried workers from taking effect. The rule, issued by the U.S. Department of Labor, was to take effect December 1 and would have doubled to $47,500 the maximum salary a worker can earn and still be eligible for mandatory overtime pay. Ross Eisenbrey of the left-leaning Economic Policy Institute, which supported the rule, called the decision “extreme and unsupportable.”
Advertisement
Related Stories
Economics
Housing Share of GDP in Q1 2024 Rises Above 16%
The increase marks the first time GDP has surpassed 16% since 2022
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady
