Why Your Paycheck Is Smaller These Days
You may or may not have noticed your take home pay is a little bit smaller these days. But, before you get angry at your employer or suspect the company bursar is embezzling funds directly out of your account, here's the truth:
There's a new standard deduction that applies to everyone in New York State. It's a law providing for Paid Family Leave and the payroll deductions kicked in beginning July 1st, 2017. So, the change was probably reflected in your mid-July paycheck.
We knew this was coming. Governor Andrew Cuomo signed the bill into law in 2016, to ensure that working families will have some peace of mind in providing for their loved ones in a variety of circumstances.
Families in New York can enjoy these benefits starting January 1, 2018.
According to the ny.gov website, "the New York State Paid Family Leave Program will provide New Yorkers job-protected, paid leave to bond with a new child, care for a loved one with a serious health condition or to help relieve family pressures when someone is called to active military service."
As the program phases in, families will be eligible for eight weeks of paid benefits in 2018, and 10 weeks in 2019 and 2020. By 2021, it'll max out at 12 weeks and that will give New York the longest and most comprehensive paid family leave program in the nation.
Only three other states--California, New Jersey and Rhode Island--currently have paid family leave plans.