The 2024 Paid Family & Medical Leave premiums have been announced in Washington State, along with the 2024 taxable wage base.
2024 PFML Premiums:
- The total 2024 PFML premium is 0.74 percent.
- Employers with 50+ employees will be responsible for 28.57 percent of the total premium, and employees will be responsible for 71.43 percent.
- Businesses with fewer than 50 employees are not required to pay the employer portion of the premium unless they choose to do so. They are required to collect the premium from the employee or pay the premiums on the employee’s behalf.
- Once an employee meets the Social Security cap, an employer must stop collecting premiums but continue to report wages. The Social Security cap for the 2024 calendar year increased to $168,600.
For additional details, please see the full notice here.
This article is informational and does not constitute legal or financial advice. Consult with an employment lawyer or accountant for additional clarification on how these changes impact your company.
