Last month, New York City’s pay transparency law went into effect. New York City joins a growing list of jurisdictions implementing pay transparency laws.
Generally, pay transparency laws require employers to disclose wage information for a given position for job postings. These laws are intended to provide transparency and fairness in employment negotiations and wages. In addition, many of these laws require employers to provide wage information to employees in connection with a transfer or promotion or upon request. The momentum behind the adoption of pay transparency laws appears to have increased significantly over the past several years and, as a result, we anticipate an increasing number of jurisdictions will enact such laws.
Companies should assess whether their wage scales or salary ranges are in place for every job position to comply with transparency laws when those positions are posted.
The attached table summarizes pay transparency laws for select jurisdictions.
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The Client Update is prepared by Meridian Compensation Partners’ Governance and Regulatory Team led by Donald Kalfen. Questions regarding this Client Update or executive compensation technical issues may be directed to Donald Kalfen at 847-235-3605 or firstname.lastname@example.org.
This report is a publication of Meridian Compensation Partners, LLC, provides general information for reference purposes only, and should not be construed as legal or accounting advice or a legal or accounting opinion on any specific fact or circumstances. The information provided herein should be reviewed with appropriate advisors concerning your own situation and issues.