NEW YORK — Today the Labor Department released its new overtime rule requiring that employers pay overtime to salaried managers who earn less than $47,500 per year, doubling the previous threshold of $23,660. As with the Obama Administration’s other efforts to regulate their way to economic prosperity, it will not deliver as promised, Forbes reported.
The real world is far different than the Labor Department’s Excel spreadsheet. This new rule will simply add to the extensive regulatory maze the Obama Administration has imposed on employers, forcing many to offset increased labor expense by cutting costs elsewhere. In practice, this means reduced opportunities, bonuses, benefits, perks and promotions,” Forbes noted.
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