Bloomberg Quotes Richard Rabin on NYC Pay Law
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Akin Gump labor and employment partner Richard Rabin was quoted by Bloomberg for its article “Wall Street Bonuses Duck NYC Pay Law Aimed at Fixing Wage Gaps.”
The article discusses New York City’s new pay-transparency law, which omits bonuses, commissions and other forms of income in estimating salary ranges when posting job openings.
Rabin said these types of compensation make up the “great bulk” of many employees pay, using the example of a financial-services worker whose posted salary could be $200,000, but who could be making millions of dollars.
He added, “The bark of this law is worse than its bite. I don’t expect it to be a watershed event.”
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