What the new Biden Administration might mean for employers
One thing is certain; changes are not uncommon when there’s a change in the Whitehouse. This could not be truer with the new administration and opposing views on how best to run the country, and especially in the middle of pandemic. Regardless of which side you agree with, like other presidents before him, President Elect Biden has promised to erase or reverse many of policies and federal regulations of the prior administration, and, employers will need to be ready to make changes accordingly to be in compliance.
While we cannot say exactly how the Biden presidency may affect employers, following a is a brief bullet-point of potential changes that could happen soon through executive action, or in the next 1-2 years if battled out in the congress.
- Expansion of the Affordable Care Act to include a public option that would compete with health insurers and offer employees the choice of having coverage through their employer or through the public option.
- Lowering of age requirements to 60 for Medicare, making employees eligible to retire much earlier.
- Expanded paid family and medical leave – in addition to employees be able to earn up to 7 paid sick days per year under the Health Families Act, workers could also receive up to two-thirds of their normal pay for up to 12 weeks through the Family Act.
- Increased minimum wage to $15 per hour, and tougher guidelines on employee classifications to make it harder for employers to avoid paying overtime.
- Changes to retirement plans would allow catch-up contributions under certain circumstances when employees leave the workforce temporarily. Changes would also incentivize plan sponsorship for small employers and offer 401k plans to those employees who do not have them through work.
- Changes to immigration laws that would increase employment based green cards, visas and ultimately allow workers to gain citizenship through valid, steady employment.
- New, stricter employer requirements on employee data security.
- Changes that increase the power of shareholders over corporate operations.
- Reinstate anti-discrimination laws related to gender-identity and healthcare.
Contact Castle Group Health for timely and expert guidance on employee benefits and compliance matters.
