President Obama announced plans on Monday to unveil a rule change that could raise wages for 5 million workers who are currently excluded from overtime pay. In a Huffington Post op-ed, Obama said he would recommend changing overtime rules so that salaried workers who earn less than $50,400 per year would be guaranteed time-and-a-half wages when they work more than 40 hours a week. Salaried workers must make less than $23,660 to qualify for overtime pay. Details of the proposal were first reported by Bloomberg. The rule change must first undergo a public-comment period before it can be finalized, but the administration has the power to issue the regulation without congressional approval. The changes are expected to go into effect in 2016.