salaried workers

In 2016, Obama had raised the ceiling making salaried workers eligible for time-and-a-half overtime — that is, working hours exceeding 40 hours per week — to $47,476 in annual wages, up from $23,660.

Hourly workers typically get overtime after 40 hours, but salaried workers receive overtime pay if their wages are below the ceiling.

“There is money, yes, but not in the banks,” said Pérez, adding that most of the cash is being held not by salaried workers, but by entrepreneurs and owners of small- and medium-size business who are more likely to collect cash from commercial transactions but are reluctant to return the money to the banks.

Starting July 1, employers will be required pay overtime to salaried workers who make less than $43,888 a year in certain executive, administrative and professional roles, the Labor Department said Tuesday.

“Too often, lower-paid salaried workers are doing the same job as their hourly counterparts but are spending more time away from their families for no additional pay. That is unacceptable,” acting Secretary of Labor Julie Su said in a prepared statement.