Before the update, the overtime rule only applied to salaried employees who made $23,660 or less. The new rule, with exceptions, covers people who make $47,476 or less. The rule had gone way too long without being updated and though businesses are crying the “sky will fall” it will benefit employees who have been being cheated out of overtime pay by their bosses calling them salaried. It may help the worker’s pocketbook or it may help stop them from being worked long hours that can be detrimental to their quality of life. Either way, it is to the benefit of the working class and Obama should be applauded for doing that which was long overdue.
Note that there are some exceptions such as medical where the primary source of money is medicare. (not verified)
There may be other case by case exceptions which will give certain businesses additional time to hire more workers so as to reduce the cost. I am not certain.
But for most the rule should be in place by by Dec. 1, 2016.