ACTION: OVERTIME PAY FOR 5 MILLION ....'A Hard Day's Work Deserves A Fair Day's Pay'...Earnings less than $50,400 per year would now be eligible for overtime pay if they work 40-hr week

WASHINGTON -- President Barack Obama this week will propose a plan to extend overtime pay to 5 million American workers who are currently excluded under federal law, according to sources.

The president will recommend updating overtime rules so that salaried workers who earn less than roughly $50,400 per year would be guaranteed time-and-a-half pay when they work more than 40 hours in a week. Under the current rules implemented by former President George W. Bush, salaried workers must earn less than $23,660 per year in order to be automatically eligible for overtime pay.

The president announced his intention to make overtime reforms last year, but the details of the plan have been kept secret until this week. The president is expected to discuss the proposal later this week during a visit to Wisconsin. Details of the proposal were first reported by Bloomberg.

Prez. Obama

In a blog post on The Huffington Post Monday night, Obama said that "too many Americans are working long days for less pay than they deserve," and that his proposal would help assure that "hard work is rewarded."

"That’s how America should do business," the president wrote. "In this country, a hard day’s work deserves a fair day’s pay. That’s at the heart of what it means to be middle class in America." more