On December 1st, the new overtime rule goes into effect making the minimum salary $913 per week or $47,476 per year.  This rule limits employees from being put on salary to avoid paying overtime and sets the minimum salary for management.

The Department of Labor offers these options:

  1. Pay time and a half for time over 40 hours in a pay week
  2. Raise salaries above the minimum
  3. Limit hourly workers to 40 hours per week
  4. or some combination of the above

This new rule provides updates to the minimum every three years.

Read more at the Department of Labor site