As Labor Day weekend marks the informal change of seasons to ring in the year-end sprint and preparations for the next year, it also coincides with the annual release date for the new Paid Family Leave (PFL) premium rate.
On August 30, 2019, the New York Department of Financial Services (DFS) announced that the maximum contribution rate will be 0.27% of the employee’s gross annualized wages for the 2020 calendar year.
With the New York State Average Weekly Wage (NYSAWW) capped at $72,860.84, the maximum employee contribution is set at $196.72 per employee for 2020.
This rate is reflective of the PFL utilization along with the scheduled benefit increase which will, which is part of the 4-year PFL phase-in schedule. While the 2020 benefit duration remains at 10 weeks, the weekly maximum benefit amount will increase to $840.70, i.e., 60% of an employee’s average weekly wage capped at 60% of the New York State Average Weekly Wage. Learn more about PFL benefits here.
Download a copy of the official announcement from New York State here.
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This blog post is for informational purposes only and is not intended to provide legal counsel. Please consult with an appropriate professional for legal and compliance advice. Any PFL information is as of the blog post’s date stamp; it is based on the applicable statutes and regulation, and may change as regulations evolve or NY State issues guidance regarding Paid Family Leave regulations. Have more questions? Email us at pflquestions@shelterpoint.com