Want to Make More Than $200,000 a Year? Here's How to Find That Job, Per a New Law

If you'd like to make more than $200,000 in New York City, your chances are better than ever, thanks to a law that went into effect on Tuesday. That's because New York employers are now required to post salary ranges on most job listings. The new rule applies to all companies that have more than four employees.

"The result is a trove of updated job listings at some of the nation's most prominent employers, providing job seekers, existing employees and the merely curious with a rare glimpse at the pay practices of major companies," the Wall Street Journal reports.

The news outlet spotlighted several positions paying more than $200,000. Read on to find out what they are, why the new law was enacted, and why the controversy has already erupted over the policy.

In New York City, the new requirements were approved by the city council last winter. As of Nov. 1, "employers advertising jobs in New York City must include a good faith salary range for every job, promotion, and transfer opportunity advertised." They must be posed to both internal and external job listings.

What's a "good faith" range? One that the hiring employer "honestly believes at the time they are listing the job advertisement that they are willing to pay the successful applicant(s)," the New York City Commission on Human Rights says.

​​"Addressing pay inequities that have long impacted our diverse communities and workforce is critical to both our economy and gender and racial justice," said New York City Council Speaker Adrienne Adams in a statement this week. "As the Salary Transparency Law (Local Law 32) takes effect today, New York City is demonstrating the importance of salary transparency for job seekers and employees alike as a pivotal step towards pay equity."

In requiring salaries to be posted, New York City joins Colorado, which adopted a similar policy earlier this year. California and Washington State will follow suit in 2023. The New York State Senate passed a salary transparency law in June; it's awaiting Gov. Kathy Hochul's signature.

The Journal reports that a range of job ads promise a salary over $200,000. For example, Amazon lists dozens of jobs over that benchmark. An ad for principal product manager at Amazon Music lists a salary of $197,900 to $267,800 a year. The next head of leadership and organizational development could earn as much as $321,700.

The New York Times reported that a senior associate at Citigroup could expect to earn an annual salary of more than $125,000. A director at American Express will be paid at least $130,000. And a software engineer at Amazon can bring in up to $213,800 annually.

But potential trouble with the policy has already been spotted. Some companies have found a way around the new requirement: They're posting overly broad salary ranges for some positions, "making it impossible to extrapolate anything at all about workers' salaries," Gothamist reported on Tuesday.

For example, some New York City-based jobs at Amazon list an annual salary range of $88,400 to $185,000. Deloitte listed salary ranges between $86,800 and $161,200. Some of Citigroup's openings tout salaries between $59,340 and $149,320.

RELATED: Uncle Jailed After He Refused to Pay $250,000 Inheritance to His Niece and Nephew 

Broad salary ranges may reflect that certain companies want to cast a wide net to find the right candidate, said Nancy Boston, director of compensation at payroll processor ADP. "You want to ensure if a company needs to recruit somebody who's really highly an expert in that area, they're able to attract that level of talent," she told the Journal, advising job seekers to remember that base pay may not be the same as total compensation.

If a listing seems sketchy, job seekers can report it anonymously to New York City's Commission on Human Rights, which may investigate. Offenders will have 30 days to correct any listings that are in violation of the policy. After that, they could face civil penalties of up to $250,000.