A05906 Summary:
BILL NO | A05906B |
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SAME AS | SAME AS S05990-B |
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SPONSOR | Bores |
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COSPNSR | Shimsky, Gonzalez-Rojas, Seawright, Burroughs, McDonough, O'Pharrow, Kassay, Steck, Simone, Reyes, Hevesi, Taylor, Zinerman, Ramos, Levenberg, Colton, DeStefano, Jacobson, Simon, Santabarbara |
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MLTSPNSR | |
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Amd §194-b, Lab L | |
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Relates to mandatory employer disclosures regarding employee compensation and benefits, including any non-salary or non-wage compensation and benefits. |
A05906 Memo:
Go to topNEW 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.