2024 New York Paid Family Leave (PFL)
As of January 1, 2024 the following will take effect regarding the 2024 New York Paid Family Leave (PFL):
- Premium Deduction Rate: 0.373% (down from 0.455% in 2023)
- Statewide Average Weekly Wage: $1,718.15 (up from $1,688.19 in 2023)
- Annual Contribution Cap: $333.25 (down from $399.43 in 2023)
The state has set forth the following PFL rules which will also take effect from 1/1/2024:
- Benefit Percentage: 67% (same as 2023)
- Maximum Benefit Duration: 12 weeks (same as 2023)
- Maximum Weekly Benefit: $1,151.16 (up from $1,131.08 in 2023)
Premiums should be withheld from employees’ gross wages, until the annual cap is reached, which may occur prior to the end of the calendar year.
Next steps:
- Determine if you will collect the increase in premium from employees
- Prepare for updated payroll deductions and begin working with payroll vendors
- Communicate the upcoming change in deduction amounts to employees
- Review your leave of absence polices to ensure they remain compliant with the updated benefit structure
As a reminder, new parents, family members caring for sick relatives including siblings, and employees with family members deployed abroad on active military duty, became eligible for Paid Family Leave benefits starting January 1, 2018.
More information can be found at:
https://www.dfs.ny.gov/apps_and_licensing/health_insurers/pfl_rate_decision_2024_page
https://www.ny.gov/sites/ny.gov/files/atoms/files/PaidFamilyLeave_BusinessOwnerFactSheet.pdf
https://www.ny.gov/programs/new-york-state-paid-family-leave