Annualization reform would allow contractors to provide, and employees to receive, benefits, without penalty
Currently, the New York State
Department of Labor calculations annualize both private and public benefits by
the same method, resulting in excessive costs to contractors already providing
benefits to their workers. Because of these calculations, many contractors are
eliminating traditional benefit packages and, instead, are offering the
benefits as a cash supplement in the employee’s paycheck.
This growing practice
eliminates the double payment as previously offered benefits by contractors,
but exposes the employee to higher taxes and the employer to more payments in
payroll taxes and other burdens; all without the employee receiving important
benefits. Annualization reform would again allow contractors to provide, and
employees to receive, benefits, without penalty.
By Brian Sampson
President, Empire State Chapter of Associated Builders & Contractors
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