"Biden's Proposed Rule Expands Overtime Pay to Millions of Workers Earning Less than $55,000"

The Biden administration has proposed a new rule that would expand overtime pay eligibility to about 3.6 million additional workers earning less than $55,000 annually. The current cutoff for overtime pay is $35,568. The rule aims to address an "outdated" system where low-paid salaried employees are not compensated for working more than 40 hours a week. The proposal also suggests updating the salary threshold every three years to reflect current income data. The rule would have the most significant impact on industries such as retail, food, hospitality, and manufacturing.