President Obama has announced a new federal regulation aimed at making millions more workers eligible for overtime pay.  

The rule change would raise the salary threshold for overtime pay under federal law from $23,660 a year to $50,440.  Under current federal rules, hourly employees and those earning an annual salary of less than $23,660 must be paid overtime for all hours over 40 in a week.  Under the new rule, employees could not be exempted from federal overtime requirements unless they make at least $50,400 as well as meeting other requirements, depending on the type of work they do.

The President chose an unorthodox method for the announcement – an op-ed piece published Monday night in The Huffington Post.  A formal announcement with more details is expected in the next couple of days.

The New York Times reports the rule will most likely take effect next year.  Although it would be subject to a public comment period, the Department of Labor can pass rules such as this without congressional approval.