Millions could get a raise under Obama administration's new overtime rules

The salary threshold for workers to qualify for overtime pay will double to $47,476 by December 2016, but the new rule has faced opposition

More than four million working Americans could get a bigger paycheck by the end of the year, thanks to a new overtime rule to be finalized by the US Department of Labor on Wednesday.

Previously, only salaried workers who earned below $23,660 were eligible for overtime pay. As of December 2016, that threshold will double and be set at $47,476 a year.

Related: Overtime update for American workers long overdue, reports say