The Obama administration has announced new rules that will boost the salary threshold for time-and-a-half overtime pay from the current $23,660 to $50,440.

In an op-ed Monday night in the Huffington Post, President Barack Obama called for an overhaul of overtime regulations so that millions more Americans can be eligible to receive time-and-a-half pay for overtime hours.


“That’s good for workers who want fair pay, and it’s good for business owners who are already paying their employees what they deserve — since those who are doing right by their employees are undercut by competitors who aren’t,” Obama wrote.

President Obama Wants To Make Millions More Americans Eligible For Overtime

He proposed bumping the ceiling to $50,440 — equal to the 1975 cap in terms of purchasing power.

The White House says it expects 5 million Americans to benefit from the rule change.

The rule is likely to be completed in 2016, although it could still be challenged in court, or in Congress.