The Department of Labor (DOL) on Monday forwarded its revised overtime rule to the Office of Management and Budget (OMB) for final review, setting the stage for publication by July.
The OMB has a 90-day window to review the final version of the rewrite of overtime rules that will make eligible some 5 million more workers to receive overtime pay, if the final rule is unchanged from its originally proposed version. That version more than doubled the salary threshold for overtime exemption from $455 a week to $970, or $50,440 a year (currently $23,660).
Overtime rules were last revised in 2004 by the Bush administration, which set the current standards.
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