Increase in Maximum Payout for NYS Paid Family Leave in 2024
The New York State Paid Family Leave program has increased its weekly maximum benefit to $1,151.16 in 2024 from $1,130.08 last year. This adjustment was made to mirror the rise in average wages. In addition, employee contributions to the program have been lessened to 0.373% of their gross wages per pay period, down from 0.455% for the previous year. Contributions are also capped at a yearly maximum of $333.25. This restructuring of benefits and contributions is expected to result in higher net gains for employees. Under the Paid Family Leave law, workers are eligible to receive 67% of their weekly pay for up to 12 weeks, to help with family responsibilities such as looking after a new child, a family member with serious health conditions, or when a close relative is deployed for military service. COVID-19 quarantine orders can also warrant such benefits. More than 23,680 Paid Family Leave claims were paid out on Long Island in 2022, according to data from the state Department of Financial Services. This year’s reduction in contribution rate for Paid Family Leave-eligible employees was decided by the Department of Financial Services, factoring in the anticipated number of New Yorkers likely to utilize the benefit and the overall claim costs. The Paid Family Leave program, firms must forward employee PFL contributions to insurance providers who make the final decision on whether to approve and pay out a claim.