Relates to mandatory employer disclosures regarding employee compensation and benefits, including any non-salary or non-wage compensation and benefits.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A5906B
SPONSOR: Bores TITLE OF BILL:
An act to amend the labor law, in relation to requiring employers to
disclose information about benefits and other compensation, including
bonuses, stock options, and commissions
PURPOSE OR GENERAL IDEA OF BILL:
To provide those seeking and offering jobs, promotions, or transfer
opportunities with more information about the compensation and benefits
of the positions they are considering.
SUMMARY OF PROVISIONS: Section one: Provides a short
title
Section two: Mandates the inclusion of certain information in job post-
ings and requires information about benefit plans to be provided to
offerees prior to accepting an offer of employment
Section three: Establishes the effective date.
JUSTIFICATION:
Recently, New York took an important step in the right direction by
passing the Pay Transparency Act. By requiring that employers release
basic information about salary to their prospective hires, New York made
strides in employees with informed choices. But salary isn't the only
factor prospective employees need to consider - and it isn't even the
only financial one.
By mandating that employers provide comprehensive information about
compensation, benefits, and other incentives associated with job offers,
candidates will be able to make more informed choices about their career
paths. Clear and detailed information enables candidates to evaluate
which opportunities align with their financial and personal needs,
particularly when juggling multiple offers. Understanding specifics
about benefit plans, including costs, network options, and medication
coverage, will allow candidates to better meet their health needs.
Moreover, fostering transparency in the hiring process not only supports
job seekers, but also encourages employers to present their offers more
competitively-ultimately leading to a more equitable and informed work-
force. By ensuring that all job candidates have the tools they need to
evaluate employment opportunities thoroughly and confidently, we can
enhance individual satisfaction and contribute to a healthier job
market, benefiting both individuals and the broader economy.
PRIOR LEGISLATIVE HISTORY:
None
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None
EFFECTIVE DATE:
This act shall take effect two hundred and seventy days after it shall
have become a law.
