I work in a kitchen where all employees are on salary, line cooks make 35k a year and work 5 twelve hour shifts a week. This new change is going to see us all go to hourly, with 20 hours of overtime a week. Now instead of salary, we will be making close to minimum wage, but all of the benefits go out the window. The salary rule makes sense for people at McDonald's, but not at a high end restaurant. This executive order essentially takes away my paid vacation
Just to clarify,
5 days per week x 11.5 hours per day (half hour lunch) = 57.5 hours a week
57.5 hours a week x 52 weeks in a year = 2990 hours per year
$35,000 / 2990 hours = $11.70 per hour
You already are making close to minimum wage. If you didn't take a half hour break, you'd be making 50 cents less per hour. $11.20
When it comes to vacation time, almost everyone is entitled to have it paid. Including hourly employees. Benefits (assuming you're talking medical) should not change. It's likely that you pay a portion of your cheque towards those benefits anyway.
Let's be honest here, if you were on hourly and got 20 hours of overtime you'd be making more money.
Let's say they took salary away and only paid you $11 an hour.
11 x 40 = 440
16.5 x 17.5 = 288.75
728.75 x 52 weeks = 37,895 per year
Like I said earlier, the minimum wage will raise significantly in the coming years. They won't be able to offer you only $11.
We're getting ahead of ourselves here though. I wouldn't assume they will put you on hourly. In the long run, they're better off raising your salary to $48,000 a year and not paying any overtime.