2019 NYS Paid Family Leave Rate Increase
The New York State Department of Financial Services (DFS) announced the updated Paid Family Leave premium rate and covered payroll limit for 2019. The NY DFS publishes a new employee contribution rate and wage cap each September 1st for the upcoming year to accommodate the graduation of benefits in from 2018 to 2021.
The following chart can be used to help explain these changes to your employees:
Year | Max Annual Covered Payroll | Premium Rate | Maximum Annual EE Contribution | Benefit % | Max Weekly Benefit | Benefit Duration |
2018 | $67,908 | .00126 | $85.56 | 50% | $652.96 | 8 Weeks |
2019 | $70,570* | .00153 | $107.97 | 55% | $746.41 | 10 Weeks |
HOW TO CALCULATE CONTRIBUTIONS?
• EMPLOYEE EARNING: $200,000 OR $3,846.15 WEEKLY WAGE.153% x $3.846.15 = $5.88 (Paid up after 19 weeks) *
• EMPLOYEE EARNING: $100,000 OR $1,923.07 WEEKLY WAGE.153% x $1,923.07 = $2.94 (Paid up after 37 weeks) *
• EMPLOYEE EARNING: $70,569 OR $1,357.10 WEEKLY WAGE.153% x $1,357.10 = $2.08 (Paid up after 52 weeks) *
• EMPLOYEE EARNING: $38,812.80 OR $746.40 WEEKLY WAGE.153% x $746.40 = $1.14 (Paid up after 52 weeks) *
Note: Employers may not collect contributions in excess of $107.97
* Such employee will have satisfied their maximum annual contribution
Red Full NYS Document
Need more information please contact us info@360PEO.com or 855-667-4621