Author Topic: New Overtime Rule Causes Triple Damage to Economy  (Read 809 times)

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Offline ABX

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New Overtime Rule Causes Triple Damage to Economy
« on: May 19, 2016, 01:26:09 pm »
For someone who has several salaried employees under him, this will be a killer. In our business, they are paid by the job, if they have a slow week, they may work less or be flexible in their hours. For busy times, they may need to work more but they really can't spend time tracking all their hours worked. (Luckily none of them fall under the $47K threshold).

Quote
Most bad policies harm the economy in one identifiable way.  But the Labor Department’s new overtime rule, released on May 18, harms the economy and the American worker in three different ways.

The new rule requires employers to pay white collar workers overtime if they earn less than $47,476 annually, instead of less than $23,660, the case at present. (Manual workers generally have to be paid overtime at all earnings levels.) The effect will be (1) to raise costs to employers, discouraging employment; (2) to prohibit flexible time for employees; and (3) to stunt American productivity and economic growth. ....

http://economics21.org/html/new-overtime-rule-causes-triple-damage-economy-1821.html



Offline Free Vulcan

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Re: New Overtime Rule Causes Triple Damage to Economy
« Reply #1 on: May 19, 2016, 04:36:15 pm »
Overtime overhaul will harm restaurant employees

http://thehill.com/blogs/pundits-blog/economy-budget/280483-overtime-overhaul-will-harm-restaurant-employees

Imagine this: You find your first job bussing tables at a local restaurant for an hourly wage. You work hard, you learn valuable skills so you get promoted, first to a server position, and then to be a manager. That management position comes with a salary and benefits, a milestone in your career.

Suddenly, though, your boss tells you that despite your hard work and commitment to your job, you're going to become an hourly employee again, and you lose the salary and benefits that you worked so hard to get.

This is not some hypothetical for Octavio Mantilla or for millions of restaurant employees across the country. Octavio came to New Orleans from Nicaragua as a child. He joined the restaurant industry at 16 years old as a dishwasher, and later waited tables. While working in the industry, he earned a bachelor's degree from Tulane University and an M.B.A. from the University of New Orleans.

Now, he is the co-owner of Louisiana-based Besh Restaurant Group. His success story is not unique. More than 80 percent of restaurant owners and 97 percent of restaurant managers start their careers in non-managerial positions and move up with new, performance-based incentives. And it is exactly the kind of success story that will be jeopardized by the new overtime rule...
The Republic is lost.