Now that New York State has provided final guidance on 2018's rate and pricing for Paid Family Leave, it's possible to help estimate what your organization will pay in premium. The calculations can get complicated — but we can help.
To help employers reduce the guesswork, The Standard has developed a handy tool. This tool only provides an estimate of expected premiums your organization will pay, and it does not calculate the actual premiums. All you need to do is gather some basic information from your payroll or compensation team. Then fill in the blanks below.
Here's the information you'll need:
- Number of employees with total annual wages less than $67,907.84 (New York's average wage)
- Sum of wages for those employees in 2018
- Number of employees with total annual wages greater than or equal to $67,907.84
Once you enter the numbers, the tool will return an estimate for your 2018 PFL premium.
Note that variations in your actual number of employees or their wages will affect your actual premium due. To maximize the tool's precision, be sure to anticipate changes in hiring and salaries and use the numbers that most accurately reflect your expectations for the year.
For more details, visit: ny.gov/programs/new-york-state-paid-family-leave.
Responses provided through this tool are for general information and education purposes only and should not be construed or relied upon as legal, tax or financial advice. For such advice, please seek appropriate professional counsel. The Standard Life Insurance Company of New York expressly disclaims all liability relating to anything done or not done in reliance upon information provided through this tool. This tool may only be used to help with estimated premium amounts for 2018 as the state will be adjusting the rate and statewide average wage annually.