New York State Department of Financial Services (DFS) announced today, the updated NY Paid Family Leave (NY PFL) employee contribution rate for upcoming 2021 calendar year.
The NY PFL Employee Rate will be increasing from 0.270% to 0.511%. The is an unexpected and significant increase, +89% over last year.
According to NY DFS, the final rate is comprised of the 2021 rate of 0.506%, plus 0.005% for the Risk Adjustment for the Covid-19 claims under Chapter 25 of the NY Laws of 2020, for the combined total of 0.511%.
Details of the rate and benefit updates are outlined below and will be effective January 1, 2021.
*The New York State Department of Labor annually publishes the NY State Average Weekly Wage by March 31 of each year, which will be the basis for determining the maximum benefit payable for the
subsequent calendar year. https://labor.ny.gov/stats/avg_wkly_wage.shtm
NY PFL Rate and Benefit Updates for 2021