Labor secretary says new rules on overtime pay will ready in next few months

Labor Secretary Tom Perez says his agency is still working on President Barack Obama's directive a year ago to come up with new overtime rules so more workers would be eligible for higher pay for working beyond their scheduled hours.

Perez told a House panel that his department has been working overtime on the issue and that a plan should be ready in the next few months.

A new rule could result in larger paychecks for millions of workers.

Overtime and minimum wage rules are set by law in the Fair Labor Standards Act, which Congress originally passed in 1938. That law gives the administration some leeway to define the rules.