President Obama has announced plans to expand eligibility for overtime pay for millions of American workers. In an op-ed piece published on the Huffington Post Monday night, President Obama revealed his plan to extend overtime protections to nearly five million workers in 2016, covering all salaried workers making up to $50,400 next year. That would raise the salary threshold from $23,660 a year. Today, only employees who earn less than that automatically qualify for time-and-a-half wages after working 40 hours a week. The president wrote, 'We've got to keep making sure hard work is rewarded. Right now, too many Americans are working long days for less pay than they deserve. That's partly because we've failed to update overtime regulations for years -- and an exemption meant for highly paid, white collar employees now leaves out workers making as little as $23,660 a year -- no matter how many hours they work.' The increase would be only the second since 1975.