Retailers Cringe as Obama Makes Millions More Americans Eligible for Overtime

President Obama announced Monday night a rule change that would make millions more Americans eligible for overtime pay. The rule would raise the salary threshold below which workers automatically qualify for time-and-a-half overtime wages to $50,440 a year from $23,660, according to an op-ed article by the president in The Huffington Post. The administration has the power to issue the regulation, which would restore the overtime salary threshold to roughly where it stood in 1975 in terms of purchasing power, without Congressional approval.