US Labor Department on published a long-awaited final rule Wednesday updating overtime regulations that will now allow millions of Americans to collect overtime wages.
The new rule raises the standard salary level from $23,660 a year to $47,476 for a full-year worker—meaning many salaried employees, administrators and professionals making under that threshold are now eligible to collect time-and-a-half pay when they work overtime. The Department of Labor estimates the new rule will immediately extend overtime protections to 4.2 million Americans and is expected to boost wages for workers by $12 billion over the next decade.