About 4.3 million U.S. workers who previously didn't qualify for overtime pay could soon receive time-and-a-half for working more than 40 hours a week thanks to a new rule from the Biden administration.

The U.S. Department of Labor on Tuesday unveiled a new rule that will extend overtime pay to salaried workers who earn less than $1,128 per week, or $58,656 annually. Previously, only workers who made $684 or less each week, or $35,568 annually, were eligible for OT.

Businesses are required to pay workers 1.5 times their pay if they work more than 40 hours a week, but that protection has been limited to hourly workers and lower-earning salaried employees. Because of the salary cutoff, many salaried workers were performing the same duties as their hourly coworkers, but weren't able to qualify for overtime, Acting Labor Secretary Julie Su said in a statement.

"This rule will restore the promise to workers that if you work more than 40 hours in a week, you should be paid more for that time," she said. 

The new rule could result in an additional $1.5 billion in pay for employees, according to an estimate from the Economic Policy Institute, a left-leaning think tank.