New Data Delivers Unrivaled Insight Into Factors Impacting ACA Eligibility and Estimated Monthly Employee Premium Amounts for Education, Retail, Healthcare and More
ST. LOUIS, June 19, 2014 (GLOBE NEWSWIRE) -- Equifax Workforce Solutions, a leader in human resource, analytics and verification services, today announced the release of new data detailing the potential impact of the Affordable Care Act's (ACA) eligibility and affordability requirements on hourly workers across multiple industries. This groundbreaking data is included as part of the company's innovative Workforce Insights, which provide details around today's workforce and employment trends.
The majority of the employer mandate takes effect on January 1, 2015, and it's critical that organizations make the ACA a fundamental part of their business planning and forecasting process now. To ensure success and avoid potential compliance risks, employers must be proactive in creating and evolving their ACA strategy based on current, reliable information that helps them answer questions like: Who will become eligible? When will they become eligible? And how much will premiums cost?
With the latest Equifax Workforce Solutions research on today's hiring, pay and turnover trends, companies have the insight to better prepare for the ACA with more accurate predictions of the legislation's impact on their hourly workforce. Key highlights from the research include:
Overall, 66 percent of the current U.S. workforce is hourly, accounting for more than 73.6 million active employees. Employers must track hours for each employee over a 3-to-12-month measurement period, and those who work an average of 30 or more hours per week during this measurement period will become eligible for coverage.
Average workload varies greatly by industry and can be a key indicator of workforce eligibility. For example, hourly employees in the Finance industry work an average of 37 hours per week while those in the Restaurant industry work an average of 23 hours per week.
71 percent of hourly employees have been at their jobs longer than 12 months; this represents a significant number of workers who may become eligible for coverage after their employer's first measurement period.
Employers must also offer affordable coverage to all eligible employees, meaning that the monthly premium cannot exceed 9.5 percent of the employee's income. Based on the average hourly pay rate by industry, estimated maximum premiums can range from $108.80 per month (Restaurant industry) to $251.20 per month (Healthcare industry).
"Employers are recognizing the significance of the ACA and how it will impact their compliance efforts and competition for talent," said Mike Psenka, senior vice president of Workforce Analytics for Equifax Workforce Solutions. "Our latest research highlights key indicators of how the ACA will affect business and what they can do to ensure compliance as the regulations continue to go into effect, to not only protect themselves from potential penalties, but also ensure their valued employees receive appropriate - and affordable - coverage."
Additional information about this data is available in "The Affordable Care Act and the Hourly Workforce."
Equifax Workforce Solutions will be available to provide details on these trends, Workforce Insights data, the award-winning ACA Management Platform, and its cutting-edge human resources, analytics and verification services during the SHRM 2014 Annual Conference and Exposition, held from Sunday, June 22 through Wednesday, June 25, 2014 in Orlando, Fla. Attendees can learn more by visiting Equifax Workforce Solutions at Booth No. 3152 during open expo hours.
About Equifax, Inc.
Equifax (NYSE:EFX) is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 500 million consumers and 81 million businesses worldwide, and uses advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers. Equifax Workforce Solutions (also known as TALX), an Equifax business unit, is a leading provider of human resource, analytics and verification services.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit: www.equifaxworkforce.com or www.equifax.com.
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Source: Equifax Inc.