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The Federal Trade Commission (FTC), consisting of five commissioners, is set to vote on a significant proposal to ban noncompete agreements on April 23 at 2pm ET. This rule, if passed, would prohibit agreements that prevent employees from joining competitors after leaving a company. The FTC highlights that such agreements limit worker mobility and suppress wages. This decision has garnered attention and criticism, with industry groups arguing that noncompetes are essential for protecting trade secrets. The Chamber of Commerce has expressed intentions to challenge the rule in court if it is adopted.
Could we be seeing the end of non-compete agreements? The FTC is voting on it today! https://t.co/IXn0zDChpd
🚨The FTC is finalizing a rule banning noncompete clauses for *all workers* regardless of income or industry. It will increase pay, new business formation, innovation -- and cut health care costs. It's one of the most important things the Biden Administration has done. https://t.co/ZPLgkiSBZn
"An estimated 30 million people — or one in five U.S. workers — are bound by noncompete restrictions, according to the FTC. The new rule could boost worker wages by a total of nearly $300 billion a year, according to the agency." https://t.co/u3TMfEbaqq
