U.S. President Barack Obama hails a new rule to extend overtime pay to 4.2 million American workers during his weekly address. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) STORY: U.S. President Barrack Obama talked about his administration's decision to roll out a long-awaited and controversial rule to extend overtime pay to 4.2 million U.S. workers during his web/radio address on Saturday (May 21) morning. Unveiling the final version of the rule marks one of the administrations most significant moves to address stagnant wages, Obama said. "This is the single biggest step I can take through executive action to raise wages for the American people," Obama said. The rule, which has drawn intense criticism from business groups and Republicans, doubles the maximum annual income a salaried worker can earn and still be automatically eligible for overtime pay from $23,660 to about $47,500 and requires that threshold to be updated every three years. It takes effect Dec. 1.