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Member, Beacon International Group, Ltd.
The Internal Revenue Service has announced the 2024 employer mandate penalties under the Affordable Care Act for employers with 50 or more full-time equivalent employees, BenefitsPro reports. The A Penalty for failing to offer minimum essential coverage to 95% of full-time employees and their dependents will be $2,970 per employee, up $90 from 2023. The B Penalty for offering coverage that is “unaffordable” or does not provide “minimum value” will increase by $140 to $4,460 per employee.