As we approach the informal end of the summer, Labor Day weekend, it also marks the date when the New York Department of Financial Services (DFS) announces the Paid Family Leave (PFL) rate and maximum PFL employee contribution for the coming year.
What is the New York Paid Family Leave Rate for 2024?
On Wednesday, August 30, 2023, the New York Department of Financial Services (DFS) announced that in 2024, the maximum contribution rate for Paid Family Leave will go down from 0.455% to 0.373% of an employee’s gross annualized wages, capped at $89,343.80*, which is the updated annualized New York State Average Weekly Wage (learn more about the NYSAWW here). This translates to a maximum annual premium contribution of $333.25 per employee that an employer can withhold – down from $399.43 this year.
Where can I find the 2024 NY Paid Family Leave official announcement?
The official announcement from DFS can be found here.
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This material is for informational purposes only; it is not the same as official statements of position contained in the law and/or regulations and is not intended to provide legal counsel or advice. Please consult with an appropriate professional for legal, compliance, HR, tax, or any other specific advice.
Any Paid Family Leave (PFL) information is based on the applicable statutes and regulations, and may change as regulations evolve or NY State issues guidance regarding PFL law and regulations. In the event of conflicting information with the policy and/or rider(s), the policy and/or rider(s) will take precedence over what is shown in this material. Policies are governed by Article 9 of Workers Compensation Board (WCB) Law (New York State Disability and Paid Family Leave Benefits Law). All DBL/PFL policies are New York-only products and are underwritten by ShelterPoint Life Insurance Company, a NY-domiciled carrier.