The Missouri Chamber of Commerce and Industry is closely watching an executive order signed Thursday that could increase labor costs for businesses across Missouri.
Pres. Barack Obama has ordered the U.S. Department of Labor to change the nation’s regulations regarding paid overtime for salaried workers. Right now, businesses must pay salaried workers overtime if they earn less than $455 each week. Pres. Obama has directed labor officials to investigate raising the pay cut off to allow more salaried workers to receive overtime.
During a time of slow economic growth following a national recession, the Missouri Chamber is concerned that this order could actually work against our recovering economy.
“This is another disappointing, anti-jobs move by the president,” said Daniel P. Mehan, Missouri Chamber president and CEO. “Placing additional, costly mandates on business is not how you encourage growth following a recession. Furthermore, using executive powers to bypass the public process of congressional hearings and approval illustrates a failure of leadership.”
As the potential impacts of this executive order are studied the Missouri Chamber will continue to keep our members informed.
Click here to access the President’s memo.
Click here to access a fact sheet on the President’s memo.
Click here to access the President’s Remarks on Increasing Overtime Pay.