A naukri.com initiative
Hrdive
1w
115
Image Credit: Hrdive
Election creates uncertainty for employee benefits, WTW analysts say
- Employers can expect continuity in employee benefits despite the Republican sweep in November’s election, according to virtual event discussions led by WTW consultants.
- Provisions of the 2021 SECURE Act 2.0 that require regulatory guidance will be implemented and followed in relation to retirement benefits.
- It remains to be seen how the incoming Trump administration will tackle health insurance reform to retirement savings. As it stands reforms could be sponsor-friendly.
- Trump’s cabinet picks for healthcare agencies may signal a new approach towards health policy, focused on safety and transparency, global analysts said.
- Changes to the Affordable Care Act may include altering limits on the “rate bands” that insurers may set for health premiums as well as supporting short-term medical plans to improve and optimize the system.
- Employers may face limits on reproductive care through the ACA but on reproductive health, Trump has backed mandatory insurance coverage of in-vitro fertilization.
- Congressional lawmakers remain focused on addressing pharmaceutical benefit manager reform as well prescription drug costs.
- Tax and tariff changes could impact employer compensation plans.
- Pay transparency and minimum wage regulations are not expected to move at the federal level, but action could be taken towards overtime pay eligibility under the Fair Labor Standards Act.
- Employers are advised to make the most of markets while the present labor market remains relatively calm to ensure their compensation programmes are better prepared.
Read Full Article
6 Likes
For uninterrupted reading, download the app