DOL Announces Rule to Increase Federal Contractor Minimum Wage

DOL Announces Rule to Increase Federal Contractor Minimum Wage

On Nov. 22, 2021, The U.S. Department of Labor (DOL) announced a new rule that will increase the minimum wage rate for federal contractor employees. The new rule implements Executive Order 14026 and increases the minimum wage for individuals performing work on or in connection with federal contracts to $15 per hour on Jan. 30, 2022. The rule also allows the DOL to adjust this minimum wage rate beginning Jan. 1, 2023, and creates standards and procedures to implement and enforce minimum wage protections created by the executive order.

by C3 Team

Market Snapshot: Why Is It So Hard to Find Workers Right Now?

Market Snapshot: Why Is It So Hard to Find Workers Right Now?

Brought to you by the insurance professionals at
C3 Group LLCEmployers across the country are facing a pronounced issue right now: too many open positions and not enough workers.

On its face, it might seem like there are not enough workers available for jobs—hence all the openings. But, confoundingly, that’s not the case. The unemployment rate is still hovering just below 5%, translating to around 7.5 million unemployed Americans, according to the Bureau of Labor Statistics.

Additionally, several key COVID-19 initiatives ended at the end of summer—expanded unemployment benefits ceased, and children returned to in-person classes. As such, many economists expected workers to be spurred back into the workforce this fall. That’s decidedly not been the case; while some individuals are returning to work, others are quitting in record numbers.

This article explores the current labor market, offering potential reasons why individuals have been slow to return to work despite available positions and suggesting ways for employers to attract some of these workers.

by C3 Team

Benefits Buzz December 2021

New Rule Requires Reporting of Medical and Prescription Drug Costs

On Nov. 17, 2021, federal agencies released an interim final rule requiring health plans and issuers to report information regarding the cost of prescription drugs and certain medical expenses. This rule is a continuation of the Biden administration’s efforts to promote greater transparency in health care spending.

Overview of the Interim Final Rule

This rule requires plans and issuers in the group and individual markets to submit certain information on prescription drug and other health care spending to federal agencies annually, including:

  • General information regarding the plan or coverage;
    Enrollment and premium information;
  • Total health care spending by enrollees versus employers and issuers;
  • The 50 most frequently dispensed brand prescription drugs, the 50 costliest prescription drugs by total annual spending and the 50 prescription drugs with the greatest increase in expenditures from the previous year;
  • Prescription drug rebates, fees and other compensation paid to the plan or issuer; and
  • The impact of prescription drug rebates, fees, and other compensation on premiums and out-of-pocket costs.

For 2020 and 2021 information, reporting must be submitted by Dec. 27, 2022, and by June 1 of each year thereafter. Starting in 2023, federal agencies will issue biennial public reports on prescription drug pricing trends as well as the impact of prescription drug costs on premiums and out-of-pocket costs.

Download the Entire PDF Below:

December 2021 Benefits Buzz

by C3 Team