May 18, 2016 7:26 AM EDT

The White House has announced new regulations on overtime pay that will make millions more Americans eligible for time-and-a-half when they work more than 40 hours per week.

The previous threshold for salaried workers to receive overtime pay was just $23,660. But effective Dec. 1, 2016, the White House will raise that figure to $47,476. (Workers who are paid hourly are already overtime eligible.)

This increase will extend overtime to 4.2 million more Americans, and the White House said in a memo it is “expected to boost wages for workers by $12 billion over the next 10 years.”

The new regulation will additionally update the salary threshold every three years to keep up with wage growth.

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