The Biden administration announced Tuesday a new overtime pay rule to benefit around 4 million lower-paid salaried employees. The regulation will increase salary thresholds for overtime pay exemption. The present annual threshold for salaried employees’ overtime pay is around $35,500, set by the Trump administration in 2019. Beginning on July 1, 2024, that cutoff will increase to $43,888. It will further increase to $58,656 on Jan. 1, 2025. Read more at our link in bio. #biden #overtimepay #politics #ot #hiring #salary