Health Care Law’s Employer Mandate Penalties Delayed
A couple weeks ago the Obama Administration announced that the employer mandate portion of the Affordable Care Act will be delayed by one year.
Small businesses are the backbone of the auto recycling industry and this provision affects those with more than 50 full-time employees. It requires the company to provide health care insurance or pay a $2,000 fine per employee.
The provision will still take effect January 1, 2014, but it will not be enforced until 2015.
The delay comes in part from a business community appeal that the law is complex, regulations are still being drafted and companies need more time to understand and comply with the rules. The decision does not affect small employers with fewer than 50 workers since they are not required to offer insurance under the law, but are encouraged to do so.
The Locator has run articles on the health care reform act. You can find them here: http://www.partslocator.com/March-2013/The-2012-Taxpayer-Relief-Act-Demystified/.
Let us know what you think. Will this provision in the Affordable Care Act affect your business? Are you prepared to deal with it if it does? How so? You can log into the website (click the My Account tab at the top of the page) and leave a comment.