A significant update to federal overtime pay eligibility took effect on January 1, where the annual salary threshold of $35,568, below which workers qualify for the time-and-a-half overtime premium when they work over 40 hours in a week. That represents a boost from the previous salary cutoff of $23,660, in place since 2004. Although the new rule is projected to extend overtime wages to some 1.3 million employees, companies that already offer all salaried workers above $35,000 won't have the budgetary adjustments and legal risks that typically come with major labor regulations. The rule is a compromise from an Obama-era iteration, which was struck down in court before it could take effect. That 2016 rule would've lifted the salary level to $47,476 and qualified about three times more workers for overtime. Click here for more information from the DOL, or consult with your accountant or attorney.