Millions of Americans could get a pay bump from Marketplace.

I'm Sabrie Beneshore, in for David Brancocchio.

New rules out today from the Biden administration around work.

These rules make millions of people newly eligible for overtime

pay and almost completely ban non-compete agreements. That's where your employer bars you from

working for competitors after you leave.

Marketplace's Nova Safo has the details.

The Labor Department is implementing the biggest change to overtime eligibility rules in decades.

Right now, overtime mostly applies to workers who are paid hourly.

Salaried employees are exempt unless they make about $36,000 a year or less.

On January 1st, that number will rise to about 44,000 and in 2025 up to about 57,000.

It will then adjust every three years.

Meanwhile, the Federal Trade Commission has voted to largely ban non-compete agreements.

They were once used to prevent select workers such as executives from switching to a competitor

and taking trade secrets with them.

But they've become relatively common, affecting roughly one in five workers, including many who earn $20 an hour or less, according to officials.

Many states have already banned or restricted their use, but business groups say the FTC's national rule is too broad.

I'm Novasauva for Marketplace.

President Biden says he'll sign a $95 billion foreign aid package into law today.

The House approved over the weekend. The Senate passed

it last night. It includes funding for Ukraine, Israel and Taiwan.

The marketplace is Nancy Marshall Genser has more.

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