As another year begins, so do some new state laws. And 2023 has a major one that will hit many workers’ paychecks almost immediately.
Paid family leave, which Colorado voters approved in 2020, will cost roughly $4.33 per week for a worker who makes $50,000 a year. In return, that worker will be eligible for up to 12 weeks (or 16 weeks for complicated births) starting in 2024. This isn’t a vacation fund, but kind of an emergency fund that will provide workers paid time off to have a baby or take care of sick loved ones or themselves.
“Starting in 2024, this is going to cover pretty much all employers in Colorado with a very small number of carve outs that were in the statute. All employees would be eligible for up to 12 weeks per year,” said Tracy Marshall, division director of the Family and Medical Leave Insurance Program, or FAMLI. “This is an annual benefit. It’s not a once-in-a lifetime benefit.”
Keep in mind, companies and workers are paying into the program this year so that there will be money to support family or medical leave next year. The expectation? The FAMLI fund will have $1.3 billion in contributions by the end of 2023.
What’s Working covered the details of the how the law will impact companies in an earlier column, but here’s a quick recap:
For employees: For a worker who earns $50,000 a year, here’s what the contribution is, according to the state Department of Labor and Employment:
$4.33 — Employee’s weekly payroll deduction, or $225.16 a year....
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