Obama moves to improve overtime pay regulations, possibly affecting millions

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If you make more than $23,660 a year, and are in some sort of managerial position at work, you're not eligible for overtime pay. 

Overtime exemptions were originally created for high-paying, white-collar jobs, but the rules have been updated so infrequently that fast-food workers, retail clerks and secretaries are often ineligible for overtime protections. 

President Obama announced on Thursday a plan to change that.

The Department of Labor will consult with workers and business leaders before drafting final regulations. This could include increasing the salary threshold and defining more narrowly who a manager is.

Millions of people will possibly be affected by these changes.