President Proposes Overtime Plan Changes

President Barack Obama recently had a proposal concerning overtime pay that could result in increased costs for small business owners. The President wants the Labor Department to expand the regulations concerning overtime pay so that many more types of workers would be covered, raising the pay of several million low wage workers. Critics of the bill worry that companies, especially small businesses that may be less able to afford to dole out large overtime payments, will be forced to cut hours and freeze hiring. For small businesses, payroll is often the biggest operating expense, and increases in this area could actually slow down the growth of these businesses.

This proposal could have a major effect on small businesses and the economy as a whole. If you are a business owner with questions or concerns about new labor regulations, feel free to contact the office at (718) 317 - 5007.