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Illinois CFOs Mull Cutting Health Benefits, Survey Says

November 4, 2010
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Related Topics: Financial Impact, Benefit Design and Communication, Medical Benefits Law, Latest News
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The cost of providing health care benefits to employees is weighing heavily on the minds of many Illinois chief financial officers, with roughly 1 in 4 considering reducing medical plans.

Nearly 86 percent of the chief financial officers and senior comptrollers in Illinois surveyed by Grant Thornton LLP said they were most concerned about the cost of providing health care to employees, according to survey results the advisory firm released Nov. 1.

That figure mirrors the concerns of their national counterparts, according to the survey, which was conducted from Oct. 5 to Oct. 15. Grant Thornton compiled results from 508 participants, 38 of whom were from Illinois.

Nearly 26 percent of the Illinois participants said they would lower health care benefits as a result of pricing pressures. The majority said they would keep benefits the same.

Illinois employees could be earning more than their national counterparts, according to the Grant Thornton survey. Thirty-four percent of Illinois survey participants said they would raise salaries compared with 21 percent nationally.

While most Illinois CFOs said that bonuses would remain the same, 20 percent said they would raise them. That’s slightly higher than the national response of 14 percent.  

Filed by Lorene Yue of Crain’s Chicago Business, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

 

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