NYS Minimum Wage & Paid Family Leave Updates, HSA Limits for 2020
NYS Department of Labor (DOL) Raises Minimum Wage & Salary Exempt Minimum Rate
On December 31, 2019, the NYS hourly non-exempt minimum rate is moving from $11.10 to $11.80 an hour, and the NYS salary, exempt minimum rate is moving from $832 to $885 per week. On a Federal scale, effective January 1, 2020, the salary exempt minimum rate is rising from $455 to $684/week ($23,660 to $35,568 annually).
2020 Premium Rate for PFL Benefits and Maximum Employee Change
It is the third year of the New York State Paid Family Leave (NYSPFL) program. Commencing on January 1, 2020, eligible employees will receive 60% of their average weekly wage and up to 60% of the statewide average weekly wage for up to 10 weeks of leave. The premium rate for Family Leave Benefits for coverage beginning January 1, 2020, is 0.270% of an employee’s wages each pay period up to and not to exceed an annual maximum employee contribution of $196.72. If an employee’s contributions reach the annual maximum employee contribution of $196.72 before the end of the calendar year, the employee shall not be liable for any additional contributions for that year.
2020 Limits for Health Savings Accounts and High Deductible Health Plans
The table below shows a 2019/2020 comparison of the max HSA contribution limit, the minimum deductible amount for high deductible health plans and the max out of pocket expenses for high deductible plans.