A long-awaited new rule was issued by the Department of Labor this week, updating the overtime rules for salaried employees.

Before this change, the rule had been following a standard set in the 1970s; this standard exempted salaried workers making more than $23,600 a year from being eligible for earning overtime.

Now, thanks to the update, the pay threshold will increase to $47,476. If you are a salaried employee and earn under that amount per year, it is very likely that you will be eligible for overtime pay if you work more than 40 hours in a week.

This rule goes into effect on December 1, 2016 and is expected to affect at least 331,000 working Floridians.