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FTC Bans Noncompetes
GymnJuice:
https://www.ftc.gov/news-events/news/press-releases/2024/04/ftc-announces-rule-banning-noncompetes
--- Quote ---Under the FTC’s new rule, existing noncompetes for the vast majority of workers will no longer be enforceable after the rule’s effective date. Existing noncompetes for senior executives - who represent less than 0.75% of workers - can remain in force under the FTC’s final rule, but employers are banned from entering into or attempting to enforce any new noncompetes, even if they involve senior executives. Employers will be required to provide notice to workers other than senior executives who are bound by an existing noncompete that they will not be enforcing any noncompetes against them.
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It will be tied up in lawsuits but I like the move. I think it will make for better competition and innovation.
Humble Narcissist:
Employees will love it.
Dos Equis:
--- Quote from: GymnJuice on April 25, 2024, 06:56:06 PM ---https://www.ftc.gov/news-events/news/press-releases/2024/04/ftc-announces-rule-banning-noncompetes
It will be tied up in lawsuits but I like the move. I think it will make for better competition and innovation.
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I don't think they can do this without going through Congress. Dumb move. I agree it's going to get challenged as soon it becomes effective.
Humble Narcissist:
--- Quote from: Dos Equis on April 26, 2024, 04:18:38 PM ---I don't think they can do this without going through Congress. Dumb move. I agree it's going to get challenged as soon it becomes effective.
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If it passesit will be very hard for companies to keep their secrets to success. Ex: McDonald's Big Mac sauce
GymnJuice:
--- Quote from: Humble Narcissist on April 27, 2024, 12:31:35 AM ---If it passesit will be very hard for companies to keep their secrets to success. Ex: McDonald's Big Mac sauce
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Don't they have trade secret laws and nondisclosure agreements for this?
I don't know how it is in every state, but in mine if you have a noncompete in order for it to be legal they have to specify it to a strict location - it can't cover the whole state. So, you could move to a different city and work in the same job. The noncompete just keeps workers from switching to a local competitor for a higher salary.
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