The New York City Council is already considering an expansion to the City’s pay transparency law to require NYC employers to include a description of non-salary or non-wage compensation in job postings. Dramatically increasing the burden on employers, the proposed ordinance would require a description of “bonuses, benefits, stocks, bonds, options and equity or ownership, if any.”
As discussed here, New York City’s pay transparency law (Local Law 32 and its amendment), went into effect on November 1, 2022, and requires NYC employers with four or more employees to disclose in job postings – including those for promotion or transfer opportunities – the minimum and maximum salary offered for any position located within New York City. This range may extend from the lowest to the highest salary that the employer in good faith believes at the time of the posting it would pay for the advertised job, promotion, or transfer opportunity.
On February 2, 2023, the Council introduced Int. No. 907, a local law to amend the administrative code of the city of New York, broadening the information that must be disclosed in job postings.
Continue Reading Proposed Expansion of NYC’s Pay Transparency Law Includes Bonuses, Equity Awards and Other “Non-Wage Compensation”