No, it's not the government's job to require it but it should be strongly suggested to do so

The government should allow companies to decide overtime benefits on its own and they should only be required to pay their normal hourly rate for overtime; workers should be paid overtime but they should be paid the same wages as normal hours, not more.
However, strict guidelines should be drawn to prevent abuse of full-time employees and give more incentives for companies to give fully earned wages to overtime workers.