Millenials Might Get A Serious Pay Boost
This is very good news
If you're a plucky young upstart who has a habit of burning the midnight oil in an effort to get ahead, but don't get compensated accordingly, well, we have some pretty good news.
The Department of Labor's overtime rule—which as of now denies overtime to anyone who makes more than $23,660 a year—is about to get a major facelift. In an update widely expected to be implemented sometime this summer, a $50,440 yearly salary will be the new cutoff for being overtime eligible.
Naturally, some small businesses oppose the new salary limit, which threatens to completely overhaul the way workers are paid. Overtime pay—which, if you've ever worked at an Applebee's, you'll know is time-and-a-half—has traditionally been one of the few advantages of working minimum wage jobs.
But, if the new rule passes, the middle class will see a direct increase in wages. That's good news for millenials, who have a habit of working long hours to propel their careers, with short-term gain often being sacrificed for the bigger picture.
An exact start date for the rule change has yet to be announced, but all signs point to its imminence. It might be time to get a bigger piggy bank.