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Understanding Compliance Changes and Their Workload
For business leaders and executives in Houston, the final quarter of 2024 brings critical compliance updates that require immediate attention. As regulatory shifts in healthcare, wage laws, mental health parity, and employee safety come into effect, businesses must navigate these changes to avoid potential legal pitfalls. While maintaining compliance might be labor-intensive, it plays an essential role in safeguarding your business’s integrity and ensuring the well-being of your workforce.
Upcoming Changes Under ACA’s Pay-or-Play Rules
A crucial change that large Houston employers need to be aware of is the ACA’s updated affordability threshold. By 2025, the employee contribution for self-only coverage should not exceed 9.02% of their income. This percentage shift provides a bit more flexibility for setting contribution levels, but also demands careful financial planning to maintain ACA compliance.
FLSA Salary Rules: What’s Next?
Another significant update comes under the Fair Labor Standards Act (FLSA) where the Department of Labor’s power to define minimum salary requirements was upheld. As of January 2025, the minimum salary for exempt employees will increase. Houston businesses will need to revise their payroll structures to align with the new thresholds, ensuring smooth transitions and continued compliance.
Strengthened Mental Health Parity Law Requirements
Starting in 2025, new rules will ensure that mental health benefits provided under employer-sponsored health plans match those offered for medical and surgical services. While certain requirements have extended compliance deadlines, understanding and preparing for these new rules will benefit companies and their employees alike over the coming years.
Preparing for Future Regulations
As Houston’s business landscape continues to evolve, staying informed about upcoming regulatory trends is invaluable. Being proactive in understanding these changes can help your company stay ahead and leverage opportunities effectively.
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