On Tuesday, the Federal Trade Commission issued its final ruling on non-competes, banning them across the country.
Non-compete agreements prevent people from working at another company within a specified area for a specified amount of time.
“They are very enforceable, and they’re a real problem for Florida employees,” shared Ryan Barack, a board-certified labor and employment attorney based in Clearwater.
The FTC’s nationwide ban on noncompetes takes effect in four months — though court challenges are expected — impacting all industries that currently use them. Some of those careers include jobs in medicine, tech, journalism and cosmetology.
It’s a decision that can change people’s careers and wages. The FTC estimates that banning noncompetes will result in:
- Reduced health care costs: $74-$194 billion in reduced spending on physician services over the next decade.
- New business formation: 2.7% increase in the rate of new firm formation, resulting in over 8,500 additional new businesses created each year.
- Rise in …