The New York State Department of Financial Services has just released its final determinations on the premium contribution rate and maximum contribution for New York State Paid Family Lease (PFL) Program in 2020.
- The Premium Contribution Rate will now be 0.20% of an employee’s wages each pay period.
- The maximum contribution for an employee will now be $196.42 for the year.
These unexpectedly large increases will accompany the planned increases to PFL benefit rates in 2020. As a reminder, employee benefits under PFL will increase to 10 weeks at a rate of 60% of the employee’s average weekly salary (up to 60% of the state average weekly wage).
Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.
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Source: FNA Insurance Services Inc