Major League Baseball (MLB) is a professional sport that is hugely popular in the United States and around the world. Baseball players can make a substantial amount of money, but what happens when they are injured and put on the Injured List (IL)? Do MLB players get paid on the IL?
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In this article, we will explore the MLB’s rules on salaries and payment while on the Injured List. We will also cover some of the financial implications of being on the IL and how players can prepare for and manage their income during this time.
What Is the Injured List?
The Injured List is a list of players who have been injured and are unable to play for a certain period of time. This list was put into place in the 1940s and has since been modified to include a variety of types of injuries. Players can be placed on the IL for a minimum of 10 days, or for a maximum of 60 days.
Do MLB Players Get Paid on the Injured List?
The short answer is yes, MLB players do get paid while on the IL. However, there are several factors that determine how much they are paid and when they are paid.
Salary While on the IL
MLB players get paid a portion of their salary while on the IL. According to the League’s Collective Bargaining Agreement, players are eligible to receive up to 70% of the remaining balance of their salary while on the IL.
For example, if a player is earning $2 million annually and is placed on the IL for 30 days, they would receive 70% of their remaining salary, or $1.4 million. This means that the player would receive $100,000 every day that they are on the IL.
Do MLB Players Get Paid Right Away?
No, MLB players do not get paid right away when they are placed on the IL. Instead, their salary is deferred until the end of the season. This means that a player will not receive their salary for the days that they were on the IL until the end of the season.
For example, if a player is placed on the IL in April and stays on the list until the end of the season, they will not receive payment for those days until the end of the season.
Financial Implications of Being on the IL
Being on the IL can have a significant financial impact on a player’s income. For example, if a player is earning $2 million annually and is placed on the IL for 30 days, they would only receive 70% of their remaining salary, or $1.4 million. This means that the player would lose out on $600,000 of their salary while on the IL.
Additionally, players may have to pay additional taxes on the deferred salary that they receive at the end of the season. The amount of taxes that the player will owe will vary depending on their state and federal tax rates.
How to Prepare for Being on the IL
Players should plan ahead for a potential stint on the IL. The best way to do this is by creating a budget and saving enough money to cover their living expenses for the duration of their time on the IL.
Additionally, players should look into disability insurance policies, which can help to cover some of their living expenses while on the IL. Finally, players should speak to a financial advisor about their individual situation and how to best prepare for a potential stint on the IL.
Conclusion
In conclusion, MLB players do get paid while on the IL. However, they only receive 70% of their remaining salary and the payment is deferred until the end of the season. Additionally, there can be significant financial implications of being on the IL, including lost wages and additional taxes. Players should plan ahead for a potential stint on the IL by creating a budget and saving enough money to cover their living expenses. They should also look into disability insurance policies and speak to a financial advisor about their individual situation.