FINAL RULE ON OVERTIME OUT TODAY

Vice President Joe Biden, Labor Secretary Tom Perez and Sen. Sherrod Brown (D-Oh.) announced the Labor Department's final overtime rule. The rule, which will take effect Dec. 1, raises to $47,476 the salary threshold under which virtually all workers qualify for overtime pay. Announcing the decision Tuesday, Vice President Joe Biden called it a “consequential” move for middle-class workers who have “been getting clobbered” for decades. He noted that 62% of salaried workers benefited from overtime pay protections four decades ago, while just 7% do today

The increase is more than double the current salary threshold ($23,660 ). That’s below the $50,400 that the administration announced in its proposal last June, but twice the current level which has been unchanged for more than a decade.Workers above the salary threshold may still be eligible for overtime provided their duties aren't executive, administrative or professional. The rule won't affect hourly workers given they are already receiving overtime pay.