AOL CEO: Obamacare costing us $7.1 million
The president’s signature health care law is costing AOL a hefty sum.
AOL CEO Tim Armstrong during an appearance on CNBC Thursday revealed that Obamacare is costing the company $7.1 million.
“Obamacare is an additional $7.1 million expense for us as a company,” Armstrong said. “So we have to decide whether or not to pass that expense on to employees or whether to cut other benefits.”
He went on to highlight what benefits could possibly be cut as a result of the added expense.
“401k matching programs are an added benefit above and beyond. All of our current employees have that and our current employees who stay with us will have, that it is a three percent match, it’s a great program in general, but as a CEO and as a management team we had to decide, do we pass the $7.1 million of Obamacare costs on to our employees or do we try to eat as much of that as possible and cut other benefits?” Armstrong explained.
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