The Obama administration will give employers an extra year to comply with the requirement that they provide employees with health care.
Businesses will now have until 2015 to comply with the Affordable Care Act, sometimes referred to as "Obamacare."
"We have heard concerns about the complexity of the requirements and the need for more time to implement them effectively," the Treasury Department said in a statement. "We recognize that the vast majority of businesses that will need to do this reporting already provide health insurance to their workers, and we want to make sure it is easy for others to do so. We have listened to your feedback. And we are taking action."
The administration plans to continue a dialogue with employers about the Affordable Care Act and publish proposed rules sometime this summer, the Treasury said in the statement. Real-world testing of the program will begin in 2014 with a full implementation in 2015, they said.
"During this 2014 transition period, we strongly encourage employers to maintain or expand health coverage," they said.
This story is developing. Please check back for further updates.
- Health Care Industry
- Affordable Care Act
- Obama administration