New York City’s highly anticipated pay transparency law took effect on November 1, 2022. The new law is intended to help reduce gender and racial pay discrimination. At a high level, it requires employers to share minimum and maximum salary or hourly wage for new positions, promotions, and transfers.
So, how’s it going now that we’re a month in? The results so far have been mixed at best; let’s take a look.
When advertising a job, promotion, or transfer opportunity, employers are required to in good faith state the minimum and maximum salary they’re willing to pay for it.
Employers must include both a minimum and a maximum salary or wage range, not an open-ended listing as in “$30 per hour and up” or “maximum $65,000 per year.” If there is no flexibility, the minimum and maximum amounts can be identical.
If a company is covering multiple jobs/promotions/transfer opportunities in a single ad, each listing must include salary ranges specific to each offering.
Some employers began sharing pay ranges in New York City before the law went into effect, including JPMorgan Chase and Whole Foods, while others, such as Pfizer, haven’t started yet.
As of November 12, 2022, 60% of job listings in New York City include salary information. Here’s a look at what types of employers are leading the way and which are lagging behind:
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