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NY Paid Family Leave Rate for 2024

On Wednesday, August 30, 2023, the New York Department of Financial Services (DFS) announced the Paid Family Leave (PFL) rate and maximum PFL employee contribution for the coming year. In 2024, New York DFS has decided to decrease the contribution rates and the maximum employee contributions for PFL.

YearMaximum Contribution RateAnnualized Wage CapMaximum Employee Contribution
20230.455%$87,785.88$399.43
20240.373%$89,343.80$333.25
2023 and 2024 NY PFL contribution rate, wage cap, and maximum contributions.

The official announcement from DFS can be found here. For more support or to better understand NY Paid Family Leave, contact the experts at Eli Advisors.