loc.gov/cgi-bin/query/D-c110:223:./temp/~c110wsEq1c)."
The bill is going to provide tax benefits for eligible workers at companies that meet the criteria to receive the tax credit.
A flexible work credit is going to be determined to be 25% of qualified wages each tax year.
The employer will have to meet certain requirements in order to qualify for the credit. These qualifications include the fact that the employer must provide health coverage to the employee and pay at least 60% of the premium for that coverage.
There are other restrictions as well including a cap of $6,000 a year in wages eligible for the tax credit possibility.
While many aging worker organizations believe that older workers are 45 and older, the bill will only cover workers who are beyond the age of 62.
The employee must be a flexible work program however, "such term shall not include any individual who begins participation in a formal flexible work program during any period in which more than 20% of the employees of the eligible employer are already participating in a formal flexible work program (Older Worker Opportunity Act of 2007 (Introduced in Senate) (http://thomas.loc.gov/cgi-bin/query/D-c110:223:./temp/~c110wsEq1c)."
In general the term 'formal flexible work program' means a program of an eligible employer-- which consists of core time and flex time, under which core time does not exceed
20 hours per week, days per week, or 1,000 hours per year, and which meets the requirements of subsection (Older Worker Opportunity Act of 2007 (Introduced in Senate) (http://thomas.loc.gov/cgi-bin/query/D-c110:223:./temp/~c110wsEq1c)"
The employee is required to pay the same percentage of wages to health insurance premiums that non-program workers pay.
Benefits of Bill
The bill will provide a very positive step toward the promotion of older workers because it will allow employers to claim a tax credit on their taxes for hiring and retaining such workers.
In addition the qualifications that are in place for an older worker to be eligible for the program will insure that corporations cannot simply hire a bunch of older workers and mistreat them or give them substandard pay, hours and benefits simply to be able to collect on the tax credit that this bill provides.
The...
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