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The New York State Department of Financial Services (DFS) have published their final regulations, and rate factor for the calculations of the employee contributions and premiums for PFL benefits.
Continuing on January 1, 2020 all covered employers will be required to withhold contributions on behalf of employees based on their meeting the eligibility criteria full or part-time status.
THE RATE FACTOR
The contribution rate factor for Paid Family Leave is 0.27% times the employee’s weekly wage not to exceed the maximum NYS Annualized Average Weekly Wage currently $72,860.84 for 2020.
NYS AVERAGE WEEKLY WAGE (AWW)
NYS AWW is the average weekly wage paid in New York State during the previous calendar year as reported by the Commissioner of Labor to the Superintendent of Financial Services on March 31 each year.
MAXIMUM WEEKLY CONTRIBUTION
The maximum weekly contribution may be calculated using the following formula rate:
HOW TO CALCULATE CONTRIBUTIONS?
.27% x $3.846.15 = $10.38 (Paid up after 19 weeks) *
.27% x $1,923.07 = $5.19 (Paid up after 37 weeks) *
.27% x $1,305.92 = $3.78 (Paid up after 52 weeks) *
.27% x $ 652.96 = $2.08 (Paid up after 52 weeks) *
Note: Employers may not collect contributions in excess of $196.72 annually for any employee.
* Such employee will have satisfied their maximum annual contribution.
MAXIMUM WEEKLY BENEFIT
The maximum weekly benefit for an employee Paid Family Leave for 2019 is capped at 60% of the NYS AWW ($1,401.17) or $840.70.
The Employee PFL rate factor, benefit and contributions are currently the same for all covered employer groups regardless of the number of employees, which is subject to review and change by NYS Workers’ Compensation Board and Department of Financial Services.
In collecting payroll contributions through pay roll deductions, the employer shall act as the agent of his or her employees and shall use the contributions only to provide disability and family leave benefits as required.
The Employee PFL rate factor, benefit, limits and contributions are the same for each of participating insurance carriers underwriting New York Paid Family Leave.
CONTRIBUTIONS / DEDUCTIONS
In no event may the employee's annual contribution for family leave exceed his or her per capita share of the actual annual premium charged for the same year and must be determined consistent with the principle that employees should pay the total costs of family leave premium.