Obama to push OT protection for 5 million unprotected workers

"... We've failed to update overtime regulations for years," President Obama writes, announcing a proposal to extend overtime protection to nearly 5 million US workers who, under current exemptions, can work overtime without receiving overtime pay.

President Obama says too many Americans are working long days for less pay than they deserve because of outdated rules on overtime pay.

Obama is unveiling a proposal to require overtime pay for workers who earn nearly $1,000 per week. That's more than double the current threshold. Obama says it would extend overtime protection to about 5 million workers.

Obama says the proposal is good for workers and good for business owners who pay their employees what they deserve. He says that's because those companies will no longer be undercut by competitors who are paying workers less.

Obama announced the proposal Monday evening in an op-ed in The Huffington Post:

Right now, too many Americans are working long days for less pay than they deserve. That's partly because we've failed to update overtime regulations for years -- and an exemption meant for highly paid, white collar employees now leaves out workers making as little as $23,660 a year -- no matter how many hours they work.

This week, I'll head to Wisconsin to discuss my plan to extend overtime protections to nearly 5 million workers in 2016, covering all salaried workers making up to about $50,400 next year. That's good for workers who want fair pay, and it's good for business owners who are already paying their employees what they deserve -- since those who are doing right by their employees are undercut by competitors who aren't.

Obama says he'll discuss the proposal during a visit Thursday to Wisconsin.