New York City businesses now required to post salary range on job listings

NEW YORK -- New York City job seekers can now expect to know exactly how much they would be paid before they apply. 

CBS2's Natalie Duddridge spoke with businesses big and small about the new law. 

"I think it is a good thing to be upfront about payment," said Carmen Kam, who manages The Orchid Man, a flower shop with five employees.

Starting today, companies with four or more staff members have to disclose a salary range when hiring. 

"I think that is a good thing. It holds companies accountable for giving fair wages to people," Kam said. "Personally for our business, our job listings have always listed the compensation that you get. We've always been very upfront about that."

When a business posts a job, promotion or even transfer, it has to list a minimum and maximum pay range. For example, $50,000 to $70,000.

"The idea being that everyone knows what's going on, and nobody's going to be paid more or less based on protected characteristics. No one will be discriminated against," lawyer Rachel Demarest Gold explained. 

Advocates say the legislation will help close racial and gender wage gaps. 

"Especially women who aren't paid the same as men. If it evens out there, I think that's great," said Hell's Kitchen resident Steve Miglio. 

"I really do think you should know the exact amount you're making, especially if you're in the LGBTQ community, if you're a Black woman, if you're Black in general," Hell's Kitchen resident Maria Santiago said. 

However, some small businesses, like The Orchid Man, may have to be more competitive when it comes to hiring. 

"If there was a business that's very similar to ours and it's around the same area as well, we would be more conscious of the competition," said Kam. 

The law is now in effect, and businesses have 30 days to adjust. Experts say companies that don't comply will get a warning before facing fines as high as $250,000.