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My dad had something he used to say to me:

\u201cA job is about a lot more than a paycheck. It\u2019s about dignity and respect.\u201d

Part of what he meant by that, I think, is that without the ability to provide for your family, you\u2019re deprived of your dignity.

That\u2019s the fundamental spirit behind a big change our Administration made today to modernize our overtime rules: Making sure hard work is rewarded with fair pay.

The change we\u2019re making today is straightforward:

Right now, you're guaranteed overtime if you\u2019re an hourly worker, but if you\u2019re salaried, you\u2019re only automatically guaranteed overtime if you make less than $23,660. If you\u2019re a manager on salary and you work an extra 10, 20, 30 hours a week -- you often don\u2019t get paid a dime more for those additional hours. That\u2019s simply wrong.

Starting in December, we're making sure that more workers get paid fairly for the overtime hours that they work. With this new rule, we\u2019re increasing the cutoff for automatic overtime for salaried workers to $47,476 -- most salaried workers making less than $47,476 will be guaranteed overtime pay for working more than 40 hours a week.

Companies will have a choice: Pay their workers for the extra hours they put in, or cap their hours at 40 hours a week. For over 4 million workers, this change means they\u2019ll either get a bump in pay or will get more time with their families if they work more than 40 hours a week. Or more time to go back to school or get additional job training.

Today, I\u2019ll head to Columbus, Ohio to visit a business, an ice cream company called Jeni\u2019s, with 600 employees around the country. They\u2019ve got a management that understands what \u201cfair\u201d means. They\u2019ve already begun making changes to guarantee overtime to some of their managers.

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The law since the 1930s has said that anyone working more than 40 hours a week is working overtime. And if you\u2019re working overtime, you should get paid for it. We can\u2019t allow folks with families to support to work long hours without being paid fairly for it.

It\u2019s not right. So today, we\u2019re doing what we can to fix it.

The President and I have been laser-focused on rebuilding the basic middle-class bargain that used to exist, and that both parties have signed on to. What it comes down to is that if you contribute to the success of the company that employs you, you should get paid fairly for it. Because of the Administration\u2019s efforts to rebuild that basic bargain, the economy has gone from crisis to recovery to resurgence. Wages are on track to rise this year by over 3 percent. Today\u2019s expansion of overtime protections will build on this momentum.

That\u2019s how you increase access to the middle class. But we know we have more work to do and we\u2019re going to keep going right through the finish line.

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See you out there.

-Joe

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