Boots & Sabers

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Owen

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0751, 24 Apr 24

Biden Rule To Exacerbate Inflation

Why is everything getting so expensive?

Millions of salaried workers will soon qualify for overtime pay under a final rule released by the US Department of Labor on Tuesday.

The new rule raises the salary threshold under which salaried employees are eligible for overtime in two stages. The threshold will increase to the equivalent of an annual salary of $43,888, or $844 a week, starting July 1, and then to $58,656, or $1,128 a week, on January 1, 2025.

About 4 million more workers will qualify for overtime when the rule is fully implemented in January, the agency estimates. In its first year, the rule is expected to result in an income transfer of about $1.5 billion from employers to workers, mainly from new overtime premiums or from pay raises to maintain the exempt status of some affected employees.

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0751, 24 April 2024

1 Comment

  1. Tuerqas

    This is clearly a non-starter here. Haven’t you heard the Biden commercials? He has lowered inflation and is going to continue lowering inflation. So don’t believe the rest of those loser righties or your own checkbook, just trust and believe your Government…as long as it is a Dem Government!

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