The new overtime rule announced by the U.S. Department of Labor (DOL) has been met with praise from WorkMoney and its members. The rule expands overtime protection to around 4 million salaried workers, a significant development for hardworking Americans who dedicate extra time to their jobs.
Effective January 1, 2023, the minimum annual salary threshold for overtime eligibility will increase from $23,660 to $35,568, and will further increase to $56,250 on January 1, 2025. This change ensures that more salaried employees will be eligible for overtime pay when they work beyond 40 hours per week.
WorkMoney, a non-profit organization with over 6 million members nationwide, has been a vocal advocate for this change. The organization’s members actively participated in listening sessions and submitted over 7,000 comments to the DOL, highlighting the importance of fair compensation for overtime work. WorkMoney’s efforts contributed to the crafting of a rule that aligns with the needs of working individuals.
WorkMoney members are scheduled to join leadership at the White House to celebrate the implementation of the new rule. Despite concerns about potential retaliation in the workplace, many members expressed gratitude for the change, recognizing its positive impact on their financial well-being.
Several members shared their experiences and perspectives, emphasizing the challenges they faced due to the previous overtime threshold. One member, a support supervisor, highlighted the stress and financial burden of working an average of 45-48 hours per week but only being compensated for 40. Another member expressed appreciation for the automatic increase in the threshold every three years, providing a guaranteed pay raise that will support their family and other hardworking Americans in the future.
The new overtime rule is a significant step towards ensuring fair treatment and compensation for millions of salaried workers. WorkMoney’s dedication to advocating for the financial security of all Americans played a crucial role in shaping this decision.
