The real problem here is that this indeed effects salaried employees, but sadly, it is the lower end of the pay scale. I worked for a large pool chemical company for a few years as a store manager and I was salaried, making less then 50K and I had very easy weeks when I had very little to do and hours got cut way back and then in the summer we had very long days/weeks during our peak season. I never felt like it was abuse as it evened out. In the winter I was literally paid to do nothing but watch the store.
I was in a unique position however and it certainly isn't this drastic for everyone. Ironically as a pilot now, I have been removed from salary and get paid hourly, but don't think that makes anything other then the pay worth it. Now, I am micromanaged on when my "hourly pay" starts. If we are weather delayed at the gate, no pay. If we are waiting on a late crew member, no pay. If there is a mechanical delay, no pay. The only time we get paid is when the wheels are turning or the flight is canceled and not all airlines pay that. If I was salary, I would be getting paid for all of it, including my travel to and from, which by the way, as an hourly employee, I don't get.
Long story short, there are pros and cons to both systems.
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This is correct in that this change doesn't affect some bank manager making 75K or a district manager, this effects entry level management positions only, which if we are honest, have several other things going against them as well.