Understanding Your Responsibilities As A Large Employer
Since the Affordable Care Act was passed in recent years, employers have more responsibility than ever. We understand that the last thing you want to deal with is tax penalties and other issues down the road, which is why we have gathered a list of employee labor practices for large employers that you must be aware of and follow:
- Affordable Care Act Responsibilities – Since the Affordable Care Act was passed, employers with 50 or more full-time equivalent employees will be required to offer health insurance to their team or face a substantial penalty.
- Dependent Benefits – There are also qualifying factors that require employers to offer a certain level of coverage to their employee’s dependents. This includes children under the age of 26 that are dependents of their employees.
- Exemptions – You may be able to avoid tax penalties if you offer health insurance to all but five percent of your employees or to five full-time employees. However, you can still be held liable if any of your employees receive premium tax credits due to unaffordable coverage.
- California Paid Sick Leave – Effective starting July 1st, 2015, any full time or part time employee that works for the same employer for at least 90 days will receive paid sick leave. This requirement does not change for smaller businesses, as companies of all shapes and sizes must abide by this new law.
Contact Weaver & Associates Inc. in Arcadia for all of your California business insurance needs. We understand how confusing all of this can be, which is why we strive to be your guiding hand so that you can focus your attention on more business-centric concerns. Allow us to provide you and your employees with the care and level of attention you all deserve.
