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.
| Year | Maximum Contribution Rate | Annualized Wage Cap | Maximum Employee Contribution |
| 2023 | 0.455% | $87,785.88 | $399.43 |
| 2024 | 0.373% | $89,343.80 | $333.25 |
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.
