New Overtime Rule to Boost Economic Outlook for America’s Middle-Class Latino Families

From 1975 until yesterday afternoon, American workers making more than $23,660 per year were ineligible for federal overtime protection. Thanks to an update to that rule from the U.S. Department of Labor, the threshold on overtime pay has now been raised to include all employees earning less than $47,476 per year.

TimeforOT_Sharegraphic-02 (2)Approximately 12.5 million Americans will now be able to benefit from overtime pay. Of those, more than two million Latinos, or one in three of all salaried Latino employees, will be eligible for overtime, according to the Economic Policy Institute.

The news of the updated overtime rule is a welcome respite for American workers who, for too long, were working well over 40 hours per week without receiving appropriate compensation. The rule will also go a long way to closing the extreme pay gap felt by women and minorities.

“We are very pleased that the administration has acted on behalf of America’s workers who are the backbone of our economy. The rule will help ensure middle-class workers are able to see a greater benefit from their hard work. This rule will not only help individual families better meet their own needs, but will create additional economic stimulus and spending that will improve our nation’s overall economic outlook,” said NCLR Vice President Eric Rodriguez.

More information about the updated overtime rule and overtime coverage can be found on the the Department of Labor’s website.

Latino Unemployment on the Rise

Today’s jobs report from the Department of Labor confirmed anxiety over the state of Latino employment in the United States. Following a trend of declining job gains that began near the end of 2015, April added 160,000 jobs, following the addition of 245,000 and 215,000 jobs in February and March, respectively.

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New DOL Regulation Will Help Savers Protect Themselves

Senior woman cookingIf you are saving for retirement or plan to do so in the future, a new regulation will help protect your hard-earned savings!

On Wednesday, the Department of Labor updated the definition of retirement investment advice and closed loopholes that permit some retirement investors to steer clients into investment products that aren’t in their best interest. Now, anyone offering individualized retirement investment advice must act under a fiduciary standard, meaning they must provide impartial advice in their client’s best interest. It is good news for Latinos and other small savers, as they are least able to absorb the shock of increased fees and decreased returns often seen with conflicted retirement investment advice.

Many Americans struggle to save enough for retirement. Latinos have the smallest retirement account balances of any group and often lack access to employer-sponsored retirement savings plans. They are also much younger than the general population, and as more enter the workforce—expected to comprise 18.6% of the labor force by 2020—it is essential that the retirement savings environment ensures the security of their nest egg and minimizes retirement account losses due to high fees and low returns on investments.

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Weekly Washington Outlook — April 4, 2016

U.S. Capitol

What to Watch This Week:

Congress:

House:

The House is in recess this week, returning Tuesday, April 12.

Senate:

On Monday, the Senate will consider S. 1890, the Defend Trade Secrets Act. Later in the week, Senator McConnell (R-Ky.) may schedule a vote on legislation to reauthorize the Federal Aviation Authority.

White House:

On Monday, President Obama will hold a bilateral meeting with NATO Secretary-General Stoltenberg at the White House; the Vice President will also attend. The president and Secretary General Stoltenberg will discuss the progress Allies are making in the international effort to degrade and destroy ISIL, as well as the important role NATO is playing in alleviating the refugee and migrant crisis spurred in part by the terrorist group. The leaders will also discuss preparations for the July 8-9, 2016 NATO Summit in Warsaw, Poland. In the afternoon, President Obama will host a reception for Greek Independence Day in the East Room; the Vice President will also attend.

On Tuesday, the president and the vice president will hold a meeting with Combatant Commanders and Military Leadership. Following this meeting, President Obama will host a dinner in their honor with the vice president and the first lady at the White House.

On Wednesday, President Obama will attend meetings at the White House.

On Thursday, the president will return to the University of Chicago Law School for a conversation about the Supreme Court and the country’s judicial system. As part of this discussion, President Obama will continue to make the case for why Judge Garland deserves a fair hearing and an up-or-down vote in the Senate. Later in the day, the president will travel to the Los Angeles area for a DCCC event.

On Friday, President Obama will attend a DSCC event and later, travel to the San Francisco area for DNC and DCCC events.

On Saturday, the president will return to Washington, D.C.

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It’s Time to Update Overtime Pay

For the good of American workers, President Obama and the Department of Labor must update the Overtime Salary Threshold

While the cost of living has increased substantially over the last few decades, many government policies have not kept up with it. The overtime salary threshold establishes the maximum salary a worker can make while qualifying for overtime pay. The current threshold, $23,660 per year, is decades-old and lower than the poverty line for a family of four, which is set at $24,008.

The Department of Labor is now considering an update to the overtime rule that would raise that threshold from $23,660 to $50,440, helping 13.5 million workers, which includes 2.1 million Latinos, to receive overtime pay. The economic freedom and stability that comes from earning a fair wage cannot be overstated.

Unfortunately, some members of Congress are attempting to stall consideration of updating the overtime rule, potentially costing millions of Americans the right to earn the pay they deserve. 34.4 percent of all salaried Latino workers would be affected by a reversal of this important policy.

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NCLR has joined with 19 other organizations calling on President Obama and the Department of Labor to implement the proposed update to the overtime salary threshold so millions of Americans, and their families, can lead stable, productive lives. To allow the rule to stay as it has, or even be reversed, would be detrimental to our nation’s economy and workers.

Add your name to our petition telling the President, members of Congress, and the Department of Labor to make this crucial update official. After signing, you will be sent a confirmation email. If you do not confirm your signature through the email, it will not count towards the total number.

Note: This petition is integrated with WhiteHouse.gov’s “We The People” petition platform. If the petition receives 100,000 signatures, the White House will be required to issue an official response.