Unions and worker advocacy groups praised the move as helping to lift the stagnant wages of workers who have been working beyond 40 hours a week without additional compensation.
Currently, only salaried workers making less than $23,660 are eligible for overtime pay.
Some Republicans in Congress have threatened to take action to block the new overtime protections.
It could also be a boon for Democrats hoping to make stagnant American wages a major campaign issue in the 2016 election.
The new rule has been more than two years in the making.
"The American people want to work". "No handouts, no guarantees".
Miller says in some cases companies will give the salaried employees a raise in pay to meet the new threshold but she says it's likely they will make the employee hourly and pay them overtime after 40 hours.
Miller says some businesses may try to get out of paying overtime by raising employee salaries above the threshold, but he says that's a win for employees too. "It's all about a feeling that the economy is rigged, and that the government is complicit", Takano said in an interview. He said - quote - "This regulation hurts the very people it alleges to help".
"You're deprived your dignity, in my view, when you know you're working much, much harder and much, much longer than you're compensated for", Biden said.
The department said the new rule will not affect executive, administrative, or professional employees.
As recently as 1975, more than 60 percent of salaried workers were eligible for overtime.
Starting Dec. 1, employers will be required to either raise your pay above the $47,500 cap or pay you time-and-a-half for anything you work over 40 hours a week.
"When you're trying to keep a business open after all of this and you get this thrown at you", said Todd Konley, co-manager of Mango Ritas, "how are people going to survive?"
Whereas an increase in the threshold is appropriate, doubling it could cause significant problems of its own. Workers will now automatically qualify for overtime if they make up to $47,476 a year, or $913 a week.
Q. Will the salaried workers who become newly eligible for overtime have to be converted to hourly employees?
"I think you're going to see small businesses reconsider the number of employees they have and how their businesses are structured", Galnor said.
James Miller, a spokesperson of the Georgia Retail Association, said a business has a finite amount of money.
Businesses have until December 1st to adjust to the requirements.