New York Gov. Kathy Hochul is considering a bill that would make the state the fifth to ban noncompete agreements. The bill seeks to protect employees from unfa
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When people think of noncompete agreements, they usually think of corporate executives with knowledge of prized trade secrets, whose lavish pay packages often come with a condition that if they quit or get fired, they can't go work for an industry rival. About 1 in 5 American workers, nearly 30 million people, are bound by noncompete agreements, according to the Federal Trade Commission. Horror stories about companies using noncompete agreements to trap workers in middling jobs or punish them for taking their skills elsewhere for better pay prompted New York legislators to pass a bill last June that would ban noncompete agreements.
Noncompete agreements are a common part of physician contracts restricting their employment options. Hospitals love them, most physicians hate them and some states are trying to limit them. A new law in Indiana is facing its first real test in courts.
A non-compete regulates an individual's actions after termination of an employee-employer relationship. Sounds a bit possessive right? Depends on who you ask.