The Obama administration is moving to bring overtime pay to a lot more salaried worked in this country. Right now, you're only eligible for overtime pay if your annual salary is under $23,660—which means that a low-wage salaried worker earning just over $11 an hour can't get overtime. Under Obama's new rule, which takes effect December 1, you'll be eligible for overtime pay if your annual salary is under $47,476.

This means low-wage workers and millions of people in formerly middle class jobs will be eligible for overtime starting at the end of this year. Also, as the New York Times reports today, it's a threat to a common way of doing business in the worlds of publishing, non-profit advocacy, and movie-making.

For decades, bosses at publishing houses, glossy magazines, consulting firms, advocacy groups, movie production companies and talent agencies have groomed their assistants to be the next generation of big shots by working them long hours for low wages...

But now, with the Obama administration moving to require time-and-a-half overtime pay for most salaried employees making less than $47,476 a year, that business model is suddenly under assault. The change presents more than an economic challenge for the companies that rely on the willingness of young, ambitious workers to trade pay and self-respect for a shot at a prestige job down the road.

Here's what more it represents, according to the Times. Seattle billionaire Nick Hanauer has been a champion of this new rule, and while you cheer it on here's something worth considering: In Seattle these days, even if you're making $47,476 as an individual—a young individual, an old individual, whatever—you're making so little compared to most individuals in this city that you're eligible for low-income housing.