The Biden administration has announced a new rule that will expand overtime pay eligibility to millions of lower-paid salaried workers earning less than $58,656 annually. The rule, which will be phased in over the next several years, aims to ensure that workers are fairly compensated for working more than 40 hours per week. Previously, only workers making $35,568 or less each year were eligible for overtime pay. It is estimated that the new rule could result in an additional $1.5 billion in pay for employees.