It appears the real cost of Obamacare is catching finally catching on. Texas Senator Ted Cruz introduced a letter to the U.S. Senate from Alan Tharp, Chairman and CEO of Old England’s Lion and Rose, LTD in San Antonio.
“Because of this law,” Tharp writes, “I have been forced to cut back every single hourly employee in each of my companies to no more than 28 hours a week.”
And I mean that personally, as I’m experiencing the same situation at my job. The broadcast company I work for cannot afford to have full-time hourly employees because they have a bottom-line to meet.
Under Obamacare – ‘full-time’ is defined as 30-hours or more.
So to avoid getting fined for not signing employees up for the federal healthcare program, they are forced to cut back on work-hours. It’s either that or pay the minimum penalty of $95 per person beginning in 2014 in 2014, the first year that the law will require individuals to obtain coverage.
That amount will rise to $325 in 2015 year and once fully phased in by 2016, the minimum amount jumps to $695 per person. And don’t forget the ‘tax’ increases each year beginning in 2017 because of inflation.
With 5,500 full time employees across the country, the company I work for is looking at a start up cost of over $500,000 next year. When it’s fully implemented the cost skyrockets to nearly $4,000,000 annually.
So in jus’ under six and half year’s time – I’ve gone from 40 hours a week to a paltry 28 hours. I take solace in knowing I’ll not be alone though, you’ll soon be joining me – if you haven’t already.
What’s a workaholic to do?