Florida's new law permits non-compete agreements for up to four years, doubling the existing time frame, primarily affecting high earners with confidential company information. The legislation aims to protect trade secrets and attract finance firms to Florida, with Citadel's CEO Ken Griffin being a key advocate. Workers earning at least $140,000 are impacted, retaining salaries but losing bonuses. This move has potential implications for Florida's economy and its ambition to become a major finance hub, especially after an influx of businesses since the pandemic.
Florida enacted legislation allowing companies to enforce non-compete agreements for up to four years, marking a significant win for Citadel's CEO Ken Griffin who advocated for it.
The new law targets employees earning at least twice the average local wage, thus applying to those making around $140,000 and having access to confidential information.
Lobbyists claim the new legislation will protect trade secrets and attract high-paying companies to Florida, enhancing its position as a finance hub.
Sen. Tom Leek emphasized that to attract clean, high-paying jobs, businesses must be offered the protection for their investments in Florida's workforce.
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