Aflac released its annual Aflac Workplaces Report and from the looks of it, it isn’t pretty. The study looked at responses from 5,209 employees and 1,856 business decision makers.
Almost one-third of businesses eliminated or delayed raises and 22 percent of businesses have eliminated or cut back on raises. Slightly more than 20 percent of businesses changed full-time workers to part-time status. And more than half of companies boosted employees’ copayments and/or employees share of premiums last year.
Need more grim news? Just about half (49 percent) of employers indicated their top business issue involves controlling costs. Three years ago 28 percent of employers agreed that controlling costs was their top concern. Controlling medical and health costs are included in that concern.
As for the employee perspective, over the past five years their share of premium contributions and out-of-pocket costs have increased by more than 50 percent since 2008. Moreover, 86 percent of employees in the survey believed their expenses will continue to rise as it relates to health care but most of them are not prepared to absorb the financial burden.