Starting November 1st, most employers in New York City will have to follow new pay transparency legislation. Designed to close racial and gender wage gaps, the law requires businesses with four or more employees–where at least one of them works in NYC–to include “a good faith salary range for every job, promotion, and transfer opportunity advertised.” This range must consist of a minimum and maximum salary for each role.
This transparency will enable roughly 4 million workers to see how much jobs pay before they apply. If a company violates the law, job seekers and employees can file complaints or submit tips anonymously to NYC’s Commission on Human Rights. If an employer fails to comply with the new legislation, they may have to pay monetary damages to impacted employees and update their job descriptions, pay policies, and internal training. To learn more about the new legislation, click here.
Namely does not provide legal, accounting, or tax advice. Please consult with professional counsel for any tax, accounting or legal questions.
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