As we previously reported earlier this year, the New York City Council passed a law requiring New York City employers with more than four employees to publish the minimum and maximum pay range for any job by May 15, 2022. While this new law was an exciting development for job seekers, many questions remained as to its application and enforcement.
California’s state legislature passed a new law on August 30, 2022 that would significantly advance the fight for pay equity. Under the law, which must be signed or vetoed by Governor Gavin Newsom by September 30, California employers would be required to post salary ranges for job postings. Further, employers with over 100 employees in the state would be required to submit a pay data report to California’s Civil Rights Department disclosing pay by race, ethnicity, and gender in specified job categories.
A new pay transparency law taking effect on May 15, 2022 will require employers to list salary ranges “from the lowest to the highest salary the employer in good faith believes at the time of the posting it would pay for the advertised job, promotion or transfer opportunity.”
Executives are looking for new opportunities and finding them. While some companies are not willing to give executives the full protection of an employment agreement and only provide a vague offer letter, there should always be a negotiation over the essential terms of any new opportunity, including the description of the position and reporting line, the compensation and equity offered and clear definitions around termination and dispute resolution.
Anyone who lost a job that provided group health insurance knows that COBRA continuation coverage can be a lifesaver. They also know that the costs of maintaining that coverage can be astronomical if not prohibitive, especially for someone looking for a new position. For workers who rely on COBRA coverage or are considering enrolling because of a layoff or termination, President Biden’s recently enacted American Rescue Plan of 2021 (ARP) provides significant relief, including subsidies that effectively make health insurance free for several months.
Executive compensation trends in the United States are affected by a network of interrelated factors, including legal and regulatory requirements, market and cultural trends, and shareholder pressures. C-suite and senior executives should know the significant roles that securities and tax laws play in compensation structures.
McDonald’s is seeking the return of the $42 million severance package that its former CEO received upon his departure, claiming it should be returned to the company because he lied, concealed evidence, and committed fraud relating to his termination from the company. Disputes over executive compensation or bonuses rarely end up in court. But the McDonald’s lawsuit is the latest in a series of such cases, including shareholder derivative lawsuits involving recognized companies, that have made their way to the courtroom, with mixed results.
When negotiating an executive employment agreement, you have to consider not only the compensation but also the tax consequences and issues that may arise because of when or how you are compensated. To fully understand and avoid any potential pitfalls, you should...
As the COVID-19 coronavirus spreads, so do workers' fears about their jobs, compensation, and health insurance coverage. For many employees, losing a job also places their stock options in jeopardy. In our continuing series of FAQs, we talk about stock options - what...
Congratulations! You have received an offer letter. Usually, this is a document that formally extends employment to a job applicant and outlines the main terms and conditions (including salary and other benefits). The offer letter also frequently gives a candidate a...