WASHINGTON (AP) — More pay could become a reality for millions of U.S. workers who now toil long hours without overtime under a new rule issued Wednesday by the Obama administration.

The rule seeks to bolster overtime protections that have been eroded in recent decades by inflation. A diminishing proportion of workers have benefited from overtime regulations, which date to the 1930s and require employers to pay 1½ times a worker’s hourly wage for work that exceeds 40 hours a week.

Under the new rules, released in draft form last summer, the annual salary threshold at which companies can deny overtime pay will be doubled from $23,660 to nearly $47,500. That would make 4.2 million more salaried workers eligible for overtime pay. Hourly workers would continue to be mostly guaranteed overtime.

Business groups argue that the changes will increase paperwork and scheduling burdens for small companies and force many businesses to convert salaried workers to hourly ones. They say many employees will see that as a step down.