The Department of Labor’s new overtime rule, which takes effect on December 1, significantly increases the number of people who qualify for time-and-a-half pay for any hours they work beyond 40 in a week. Under the old, outdated rule, workers paid a poverty level salary of $23,660 per year could be considered exempt executives or professionals and be denied overtime pay. Under the new rule, salaried employees making less than $47,476 a year must be paid overtime.
In total, 12.5 million people (or 23.3 percent of salaried workers) will benefit — most of them because their right to overtime pay has been clarified and strengthened. But millions will for the first time receive time-and-a-half pay for any hours worked over 40 in a week, have their hours scaled back to 40 hours a week while still taking home the same pay, or get a raise to put them above the threshold….