Duke survey: Health care law to crimp US hiring
DURHAM, N.C. — Corporate financial chiefs say they expect to reduce hiring and also move more jobs to part-time status as a result of the Affordable Care Act, according to a new survey from Duke University and CFO Magazine.
Many companies also are considering a reduction in health care benefits for employees.
"The results were startling to us. This will significantly impact employment," said Campbell Harvey, a professor of finance at Duke's Fuqua School of Business. "I think the people who drafted the bill probably never anticipated such a negative effect on employment, especially in a time when we really need employment growth."
Almost half of the 500 companies surveyed are "reluctant" to hire full-time employees, the survey found, and one in 10 may lay off current employees in response to the law.
Some people could see their hours cut below 30 hours a week because the Affordable Care Act requires companies with 50 or more employees to provide health insurance to those working 30 hours or more a week or pay a penalty.
More than 40 percent of CFOs surveyed say their companies will consider switching some full-time jobs to part-time jobs in 2014.