ALBANY, N.Y.—A ban on noncompete agreements could soon be coming to New York—potentially with a carve-out for higher earners. Noncompete agreements “depress wages, increase prices and are really bad for the entrepreneurial part of the economy," Ryan said. According to the Federal Trade Commission, noncompete clauses affect nearly one in five American workers. The Business Council of New York State, a lobbying group, has pushed forward amendments to the bill that would allow employers to keep noncompete clauses for employees who are compensated $200,000 or more. Zuber said that companies would rather do business in states that legalize noncompete pacts, which some businesses argue protect trade secrets.

Source: Wall Street Journal December 06, 2023 22:50 UTC