New York City’s Wage Transparency Law is set to take effect starting next week.
On November 1st, job-seeking in NYC will become a little easier. The city’s Wage Transparency Law will require employers to disclose the minimum and maximum pay in all job listings.
The law applies to business owners and independent contractors with four or more employees. Even if a business is primarily located in NYC, if it has a NYC-based position, the business is still required to share the salary.
According to experts, adding the salary to job listing could save job-seekers a substantial amount of time. Data information provided by Monster says 98 percent of workers are in favor of the law passing and agree that the additional information makes the process easier.
If a business do not adhere to the law, a warning will be issued as well as 30 days to correct the violation. However, if the company still do not follow the law, it could face a $250,000 fine.
In addition, if a business find a problem with securing employees within a certain salary range, the difficulty will drive the company to revamp its wages.
NYC follows in the footsteps of Colorado who implanted the law in 2021. California and Washington is expected to do the same in 2023.