News


NY Paid Family Leave (PFL)


Date: 2017-06-22

What is Paid Family Leave?

Starting in 2018, the New York State Paid Family Leave Program allows New Yorkers, paid leave to bond with a new child, care for a loved one with a serious health condition, or to help with family pressures when someone is called to active military service.

How will PFL Impact you?

As a business owner you are responsible for obtaining Paid Family Leave insurance policy or self-insure. It's important to note that the premium of the policy will be paid for by your employees.

Understanding Rates & Benefits

The premium rate for New York Paid Family Leave is by a set percentage of the employee's income, which can deducted from the employee's pay. The 2018 New York PFL premium rate is 0.126% of an employee's weekly wage.

Preparing for PFL in 2018

Most current Disability policies will be adjusted to include PFL coverage. In order to meet the cost of your annual premium before it goes into place employers are allowed to start making deductions of employee contributions starting July 1st.

Steps you can Take Today

Please contact Orrino Capital for any questions on how this will impact you. We can work with you for a smooth transition into this new policy. This is a four phase act that will grow in employee benefits in the next four years. It’s important as a business owner to know the PFL premium rate for each year, information we’ll always provide in a timely manner.

The information provided in this newsletter was provided by New York State Paid Family Site and AMTrust Financial.

 


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