Later today, the United States Labor Department will finalize a new overtime rule that will boost the overtime pay threshold to include annual salaries of up to $47,476 for employees who work 40+ hours a week. The previous salary level was $23,660 a year and had not been adjusted in over 10 years. Additionally, the Labor Department will now being assessing the salary level every three years. Critics of the rule argue that increasing the amount of employees eligible for overtime pay will result in employers cutting hours and laying off workers. The overtime rule is expected to have the largest impact on "mid-level managers" who currently fall just above the old cap.
See "Obama administration announces final overtime rule, boosting pay for millions", Michael A. Memoli, Los Angeles Times, May 18, 2016