President Obama recently asked the U.S. Labor Department to revise federal rules on overtime pay for salaried workers who put in more than 40 hours a week. This rule change will extend overtime pay to an estimated 4.2M workers.
Under current federal regulations, only salaried employees making up to $455 a week, or $23,660 a year, are guaranteed to receive overtime for more than 40 hours a week.
The new rules raise that threshold to $913 a week, or $47,476 a year.
Going forward, the salary and compensation levels will automatically be updated every three years.