finance

September 10, 2024

Pay-or-Play Affordability Percentage Will Increase for 2025

On Sept. 6, 2024, the IRS released Revenue Procedure 2024-35 to index the contribution percentage in 2025 for determining the affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2025, employer-sponsored coverage will be considered affordable under the ACA’s “pay-or-play” rules if the employee’s required contribution for self-only...

August 21, 2024

5 Risks of Hiring an Uninsured Contractor

Project owners or general contractors must carefully vet contractors to ensure jobsite safety and financial security. A critical factor in this selection process is verifying that contractors carry adequate insurance. Hiring uninsured contractors can expose a project to significant risks, including safety hazards, liability issues and potential financial losses. The following are five risks associated...

July 30, 2024

Report: Employers Plan to Raise Wages 3.9% in 2025

The latest Salary Budget Planning Report released by Willis Towers Watson (WTW) shows that salary budget increases are expected to rise by 3.9% in 2025. The overall median pay raise for 2024 dropped to 4.1%, compared with 4.5% in 2023. Although these expected wage increases have diminished since 2023, this figure remains high compared to...

July 16, 2024

Inflation Cooled Further in June

The U.S. Bureau of Labor Statistics reported that the consumer price index (CPI) rose 3% year over year in June, declining from 3.3% in May. This is the first time since May 2020 that the monthly rate has shown a decrease. The “core” CPI, which strips out the unpredictable food and energy components, increased 0.1%...

January 12, 2024

Driving Down Health Cost Spend in 2024

As business leaders begin budgeting and strategizing for 2024, many are faced with balancing two items when it comes to benefits: ensuring low costs and prioritizing employees’ requests to offer better health benefits. With benefits slated as the second largest people expense for businesses, next to payroll, and health care costs across the nation estimated...

June 14, 2023

May Inflation Drops to 4% Year-over-Year Increase, Signaling Inflation May Be Cooling

The U.S. Bureau of Labor Statistics (BLS) reported that the consumer price index (CPI) rose 4% year over year in May, a significant decline from 4.9% in April. This is the lowest annual pace since 2021 and slightly below economists’ expectations of a 4.1% increase, according to Refinitiv, global provider of financial market data and...