The new overtime exemption rule formulated by the Department of Labor (DOL) is now under review by the Office of Management and Budget, which puts it in line for implementation this summer.

When the DOL first floated the new overtime rule, it pegged the annual salary to qualify for an exemption from overtime at $50,400, but now Politico Pro — citing insider information — says the final rule pegs the salary level at $47,000 a year.

In other words, to qualify for an overtime exemption, an employee must be paid at least $47,000 a year.

The current threshold is $23,660.