1 September 2022

NY Paid Family Leave Premium Rate for 2023

NY Paid Family Leave Premium Rate for 2023

While Labor Day generally marks the informal change of season from summer to fall, it is important for New Yorkers for another reason -- the New York Department of Financial Services announces the Paid Family Leave (PFL) rate and maximum contribution on or around this time for the coming year.  

With that, on September 1, 2022, the Department of Financial Services announced the 2023 NY Paid Family Leave (PFL) rate, giving New Yorkers a little break:

In 2023, the maximum contribution rate for Paid Family Leave will go down from 0.511% to 0.455% of an employee’s gross annualized wages capped at $87,785.88*, 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 $399.43 per employee – down from $423.71 this year.

The official announcement from New York State can be found here.

Quick reminder: sibling coverage starts in 2023. Learn more about this expanded definition of qualified family members here.

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New Jersey, Connecticut, and Massachusetts will each announce their new rate for 2023 later this fall, so stay tuned for other news announcements from us! Subscribe here.

 

 

 

 

This material is for informational purposes only; it 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.

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