People took to Twitter to weigh in, pointing out that the new guidelines for overtime pay could force businesses to cut jobs and limit opportunities.
The Department of Labor released its new rules for overtime pay this week, raising the threshold for overtime ineligibility for managers from $23,660 to $50,440. Some say this rule is a burden to small business owners, who will see bigger paychecks and may be forced to cut workers.
“That’s a very big expense for small restaurants and retailers, and the businesses that will be hit hardest are in parts of the country where the cost of living is low,” says Beth Milito, NFIB senior legal counsel. “Employers will be forced to limit hours for their workers and eliminate management positions.” Read more on how this ruling affects small biz in NFIB’s press release.
Here’s how some people reacted on Twitter after the ruling:
— NYSEStocks (@NYSEplays) June 30, 2015
Labor to Expand Overtime Eligibility: mixed reaction: hurt small biz but spur productivity; need tax reform first http://t.co/84Z71dNqJ5
— John Daly (@johndalytv) June 30, 2015
— Charles Owens (@OwensNFIB) June 30, 2015
Will employers cut hours to avoid paying time and a half? https://t.co/2WmNCI4EMU
— Maggi Cook (@MadisonProj) June 30, 2015
— Barbara Quandt (@barbicue) June 30, 2015
— SBE Council (@SBECouncil) June 30, 2015
@ezraklein I can name at least one of my employees who won’t have a job because of it…
— MrSugarButt (@MrSugarButt) June 30, 2015
— NFIB Washington (@nfib_wa) June 30, 2015
The numbers behind the Obama administration’s plan to raise wages for millions of workers http://t.co/fULbascofm
— Bloomberg Business (@business) June 30, 2015
— matt_townsend (@matt_townsend) June 30, 2015