By Igor Volsky and Victoria Fleischer
Earlier this week, the Obama administration announced new regulations that would dramatically expand the number of salaried workers eligible for overtime pay.
Take these 10 rolls of receipt paper, which represent the full time salaried workforce. Back in 1975, 62% of workers were covered by overtime requirements.
The law was designed to exempt only highly paid, white collar employees. But since the rules guiding eligibility haven’t kept up with inflation, workers earning just under $24,000 a year are now left out.
Obama’s proposed rules would extend overtime protections to employees who make up to $50,440, thereby making 5 million people newly eligible for overtime pay in the first year alone.
Now that calls for some cake!
