By SBE, Special for USDR
Reacting to today’s news that the U.S. Department of Labor (DoL) has proposed a new overtime regulation at the request of President Barack Obama, Small Business & Entrepreneurship Council (SBE Council) President & CEO Karen Kerrigan issued the following statement:
“The proposed overtime regulation fully symbolizes the severity to which Washington regulators are out-of-touch with small business America. At the urging of President Obama, regulators are looking to double the exemption to just over $50,000 at which employees are eligible for overtime. This one-size-fits-all radical change does not take into account the variety of models that small business owners use to compensate and incentivize their managers – for example, added benefits like health coverage or paid time-off, or performance-based incentives and flexibility. Business owners will be forced to eliminate management opportunities for employees, thus undermining a critical path for individuals to gain valuable skills and experiences for career growth and financial success. What’s worse, the DoL said it may revise the ‘duties test’ and will solicit ideas to do so during the comment period. Translation: more red tape and costs. The problem with our economy and the lack of entrepreneurship in America stems from too many intrusive government policies. Small businesses need less of what we’ve been getting from Washington, not more.”
SBE Council is a nonprofit advocacy, research and education organization that works to protect small business and promote entrepreneurship. For more than twenty years, SBE Council has worked to advance policy and initiatives that strengthen the ecosystem for startups and small business success. For more information, please visit www.sbecouncil.org. Follow on twitter: @SBECouncil.
SOURCE Small Business & Entrepreneurship Council