2024 NY Paid Family Leave Premium Rate Information
To download this document, click here: NY PAID FAMILY LEAVE PREMIUM RATE INFORMATION 2024
Effective January 1, 2018 New York State enacted New York Paid Family Leave (PFL) – one of the most comprehensive family leave programs in the nation. PFL benefit s are available to employees of private sector employers with one or more employees and will be phased in over a four-year period.
The PFL Law requires employers to provide employees with job-protected time off to bond or care for a new child (birth, adoption, foster), to care for a family member with a serious health condition, or to handle qualifying military exigencies for a family member. Except for employers who self-insure, PFL benefits will be provided as a rider through the employer’s NYS disability benefits policy.
Beginning January 1, 2021 and going forward, the PFL benefits will be 67% of the employee’s average weekly wage (AWW). The maximum duration will be 12 weeks – not to exceed a total of 26 weeks combined with NY Disability.
The New York State Department of Financial Services recently announced that the 2024 premium rate and the maximum weekly employee contribution for coverage will be $.373/$100 of an employee’s weekly taxable wage, up to the statewide AWW.
According to the New York State Department of Labor, the 2024 NY average weekly wage is $1,718.15.
New York Paid Family Leave – 2023 vs. 2024
| 2023 | 2024 |
|---|---|
| Duration - maximum 12 weeks | Duration - maximum 12 weeks |
| Weekly Benefit - 67% of AWW (max AWW $1,131.09) | Weekly Benefit - 67% of AWW (max AWW $1,151.16) |
| $87,785.88 annual wage cap* | $89,343.80 annual wage cap* |
| $1,688.19 average weekly wage** | $1,718.15 average weekly wage** |
| Premium rate: $.455/$100 of total weekly payroll | Premium rate: $.373/$100 of total weekly payroll |
| Max annual employee premium deduction $399.43 | Max annual employee premium deduction $333.25 |
*The annual wage cap represents the wages reported per employee, not to exceed this amount per calendar year. Once the employee hits the annual wage cap, deductions should stop.
**The average weekly wage represents the annualized wage cap divided by 52 weeks.
Example: 2024 – $89,343.80 divided by 52 weeks = $1,718.15
Please feel free to contact your Account Executive or the Lawley Disability Unit at disabilitydb120@lawleyinsurance.com with questions.
Additionally, you may refer to the State of New York calculator function on their website: https://paidfamilyleave.ny.gov/paid-family-leave-calculator2024
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Judy Kamens
Compliance Specialist
Judy Kamens
Compliance Specialist
Judy joined the Employee Benefits division of Lawley in March 2010 as a Compliance Specialist. Judy’s role is to provide clients with enhanced service in the areas of new and existing legislation and compliance. She works closely with Employee Benefits Consultants and Account Executives to provide clients with the tools and information to remain compliant. Judy provides timely education, guidance and conveys the requirements and intricacies of new legislation in a practical fashion. Specifically, Judy has focused her attention on the Affordable Care Act (ACA) and possesses a thorough understanding of the continuously evolving requirements of this law.
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