The Biden administration has finalized a new rule that will significantly expand overtime pay eligibility for salaried workers in the United States. Starting July 1, employers will be required to pay overtime to salaried workers who earn less than $43,888 a year in certain executive, administrative, and professional roles. That cap will then rise to $58,656 by the start of 2025.
The Federal Trade Commission (FTC) has voted to ban noncompete agreements, which restrict employees from working for competitors or starting competing businesses after leaving their jobs. The ban applies to all workers, including fast food workers and CEOs, and covers an estimated 18 percent of the U.S. workforce, or approximately 30 million people. The rule is slated to go into effect in 120 days, but could face legal challenges from pro-business groups.
Brussels has finalized two years of negotiations on a reform of the bloc’s budgetary rules. This reform aims to encourage investment while maintaining fiscal discipline among member states. The newly approved rules are designed to be more flexible and growth-oriented, according to EU Economy Commissioner Paolo Gentiloni. The commissioner expressed optimism that the reform represents a well-balanced compromise. However, the rules still require the endorsement of the EU’s 27 member states prior to implementation.
