New York State has released the 2020 policy year information for Paid Family Leave coverage. Please note the following changes to maximum benefit,  maximum covered wages, premium rate and maximum employee contribution for PFL for 2020.

 
 
 
 

New Maximum PFL Benefit

The maximum PFL benefit in 2020 will be increased to 60% of the employee's average weekly wage, not to exceed 60% of the statewide average weekly wage, which is $840.70 per week.  The maximum allowable duration of a PFL claim will remain at 10 weeks.

 

Year
Benefit %
Maximum Weekly Benefit Payout
Benefit Duration
2018
50%
$652.96
8 weeks
2019
55%
$746.41
10 weeks
2020
60%
$840.70
10 weeks
 
Maximum Covered Wages
The maximum covered wages for PFL contributions for 2020 have increased to $72,860. All eligible employee wages, including commissions and bonuses, up to $72,860 annually will be subject to premium charge.
 
Year
Maximum Annual Covered Payroll
2018
$67,908*
2019
$70,570
2020
$72,860
 

Premium Rate / Maximum Employee Contribution

 The PFL premium rate for 2020 has been increased to .270% (.00270)
 
Year
Maximum Annual Covered Payroll
Premium Rate
Maximum Annual Employee Contribution
2018
$67,908*
.00126
$ 85.56
2019
$70,570
.00153
$107.97
2020
$72,860
.00270
$196.72

 

https://www.dfs.ny.gov/system/files/documents/2019/08/pfl_decision_prem_rate_2020.pdf

When?
All changes are effective January 1, 2020.

Who?
Keep in mind that PFL,  like DBL, is a required statutory coverage.   All premium is paid through employee contributions.   Failure to provide PFL coverage is subject to penalty by New York State.

 

Posted 1:07 PM

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2019
  • 2018
  • 2017


View Mobile Version

Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
© Copyright. All rights reserved. Powered by Insurance Website Builder