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U.S. bans noncompete agreements for nearly all jobs

April 24, 2024
The Federal Trade Commission (FTC) has voted to prohibit nearly all noncompete agreements, responding to over 26,000 public comments and tales of workers hindered by these contracts. The ban will exempt only pre-existing agreements with senior executives and aims to free roughly 30 million workers from such restrictions. The change is expected to boost wages by nearly $300 billion annually by enabling freer job transitions. Despite its passage by a narrow margin and the anticipation of legal challenges from opponents like the U.S. Chamber of Commerce, this ruling marks a significant policy shift towards enhancing worker mobility and economic freedom.
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