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Update Applicable to:
All covered employers and multi-state businesses with at least 1 worker in Washington state.
What happened?
Washington Paid Family & Medical Leave released an update on the premiums collected from employees and employers to fund the Paid Leave program. The new premium rate will begin on January 1, 2024.
What are the details?
For all covered employers and multi-state businesses (see exceptions), the good news is that for 2024 the total premium rate will decrease to 0.74%.
Employers will pay 28.57% of the total premium and employees will pay 71.43%.
Businesses classified by the Employment Security Department as having fewer than 50 employees for the 2024 calendar year are not required to pay the employer portion of the premium, but they must still collect the employee premium or pay employees’ premiums on their behalf.
The Washington Paid Family & Medical Leave page will soon deliver more updates, such as an updated premium estimator, premium rate calculations and more reporting information, as well as notifications via letters to employers.
Best practices
Employers should review additional resources here:
Learn more about how Vensure's Washington PEO services can help you navigate complex employment laws and keep your business compliant.
This communication is intended solely for the purpose of conveying information. The present post might incorporate hyperlinks directing readers to websites managed by third-party entities. The inclusion of any links within this communication is meant to serve as points of reference and could encompass opinion articles from various law firms, articles from HR associations, official websites, news releases, and documents of government agencies, and other relevant third-party sources. Vensure has no authority over these external websites and bears no responsibility for their content. Furthermore, Vensure does not endorse the materials present on these websites. The contents of this communication should not be interpreted as legal advice or as a legal standpoint concerning specific facts or scenarios. Nor should it be deemed an exhaustive compilation of facts potentially pertinent to federal, state, or local laws. It is strongly advised that employers solicit legal guidance from an employment attorney when undertaking actions in response to any legal updates provided. This is due to the possibility of future alterations occurring in federal, state, and local laws, regulations, as well as the directives and guidelines issued by governing agencies. These changes may transpire at any given time, potentially rendering certain portions of the content within this update void or inaccurate.
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