FT News Briefing US regulators go after non-competes
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Feb 14, 2023 Nigeria faces chaos as its highest court halts a controversial currency replacement plan, reflecting the struggles of an economy in turmoil. Meanwhile, U.S. regulators are pushing to ban non-compete agreements that hinder workers from switching jobs, sparking a debate about employee mobility and corporate interests. The rise of these clauses among lower-wage workers raises questions about freedom in the job market, as businesses resist the proposed regulatory changes. A fascinating clash of economic and labor issues unfolds!
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Nigeria's Cash Chaos
- Nigeria's central bank's plan to replace currency notes led to a cash crunch and chaos.
- Fights broke out in banks due to insufficient new notes and long wait times, disrupting daily life.
Non-Compete Impact
- David Wagner, a medical equipment technician, is barred from working in his field for a year due to a non-compete clause.
- He feels trapped and unable to find better opportunities, highlighting the impact of these clauses on average workers.
Non-Compete Prevalence
- Non-compete agreements have become increasingly common, especially for lower-wage workers, potentially due to decreased unionization.
- Easy online access to prepackaged non-competes and limited oversight have also contributed to their spread.