UPDATED: For an updated entry, click here.

Since last spring, we have been following developments in the oft-delayed Fair Labor Standards Act (FLSA) regulations rewrite by the Department of Labor (DOL). The Office of Management and Budget’s Office of Information and Regulatory Affairs (OIRA) has now completed its review, and the Department of Labor finally released its new Fair Labor Standards Act (FLSA) regulations today. The official DOL notice and the FAQs are posted on the DOL website.

In a blog post on The Huffington Post Monday night, President Obama said that the DOL would release the new regulations this week. He wrote that “too many Americans are working long days for less pay than they deserve,” and that his proposal would help assure that “hard work is rewarded.” Multiple sources indicate that the plan will extend overtime pay to roughly five million workers who are currently excluded under federal law, chiefly by more than doubling the salary threshold for exempt workers.

The new FLSA regulations set the salary threshold for exempt employees at $921 per week, but note that the final rule could increase that to $970 per week ($50,440 per year). Under the current rules implemented in 2004 by the Bush administration, salaried workers must earn only $23,660 per year in order to be eligible for most overtime exemptions. The duties test changes has not yet changed, despite expectations that some change would be included in the proposed regulations.

The president is expected to discuss the new FLSA regulations and other economic issues during a Thursday afternoon visit to the University of Wisconsin – LaCrosse. Details of the proposal were first reported by Bloomberg.

We will continue to provide details throughout the day today and this week as we digest the changes.