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The Washington State Employment Security Department says premiums for the Paid Family and Medical Leave program will go down in 2024, but the amount is not by much.
The percentage of overall Premium will drop 6/10th of a percent
In 2023, the overall premium was .8 percent of an eligible worker’s earnings, point 8 percent. According to the ESD calculator, for a person making $50,000 a year, they would pay $291. Some of that rate is paid by the workers, some by the employer.
In 2024, that rate will drop from .8 to .74 percent. However, the impact on workers will not be significant. This rate drop is on the overall premium that is shared by workers and businesses. Of that .74 percent, just over 28 percent of the total cost is paid by the business, and just over 71 percent is paid by the worker.
ESD does not have a revised 2024 calculator available yet, but it is likely the impact on workers will be very minimal. Because the drop is 6/10th of a percent, workers will likely not see large decreases in their Paid Family and Medical Leave taxes.
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