Market Overview

Study Finds One Third of NY Employers Under-prepared for Paid Family Leave

Share:

ShelterPoint Life Study Provides Insights into NY's Readiness for PFL

Garden City, NY (PRWEB) November 30, 2017

ShelterPoint Life Insurance Company ("ShelterPoint Life"), New York's largest statutory disability (DBL) insurance carrier(1) is providing insights gained from its interactive employer checklist. This checklist is helping NY employers prepare for Paid Family Leave (PFL), the new state-mandated benefit taking effect in New York January 1, 2018.

With just 5 weeks from the state-wide inception of PFL, ShelterPoint Life is sharing exclusive insights on the readiness of NY employers based on participant answers. "We want to use our findings to help spread awareness that NY employers still have a lot to prepare before the big day," says Katrin Atienza, AVP Marketing at ShelterPoint Life.

The interactive checklist contains 12 key tasks employers should do before January 1. Based on the number of tasks already completed or still pending, participating employers get their specific readiness score between 1 and 5 stars (0-1 completed = 1 stars | 2-4 completed = 2 stars | 5-8 completed = 3 stars | 9-11 completed = 4 stars | All 12 completed = 5 stars).

While 28% of employers that have participated in the interactive checklist thus far (during the month of November) are quite prepared for PFL, i.e., they have 4 or 5 stars, the biggest take-away is that a third are barely prepared for PFL.

The items that have been completed by more than half of the employers so far are:

  • Review current paid time off/leave policies (55%); and
  • Decide what to do with early payroll deductions (63%)

Based on responses received, almost three quarters of employers (73.3%) have not yet educated their employees about PFL. The biggest open-ticket items are summarized in the chart attached.

The interactive checklist is still available for help with last-minute preparations and more detail on each task can be found in a dedicated blog post on this topic at ShelterPoint Life's educational PFL site http://www.NewYorkPFL.com

-------------------------------------------

Methodology
Survey is open to ShelterPoint Life policyholders and NY employers in general via the link above. At time of reporting for this press release, 350 employers filled out the checklist. Participation is anonymous and does not collect personal information.

About ShelterPoint
The ShelterPoint family of companies consists of ShelterPoint Life Insurance Company and ShelterPoint Insurance Company. ShelterPoint Life was founded in 1972 as The First Rehabilitation Insurance Company of America (First Rehab Life) and is headquartered in Great Neck, NY. Since its inception, ShelterPoint Life has grown into New York's largest1 statutory disability carrier. Through the years, ShelterPoint Life has added additional employee benefits to its product portfolio and currently insures more than 150,000 employers and over 1.3 million individual insureds. In 2014, First Rehab Life changed its name to ShelterPoint Life Insurance Company. For more information about ShelterPoint, please visit http://www.shelterpoint.com

(1) State of New York Workers' Compensation Board, form DB-680, 2014 – applies to statutory disability premiums under ShelterPoint Life Insurance Co. only.

For the original version on PRWeb visit: http://www.prweb.com/releases/2017/12/prweb14966724.htm

View Comments and Join the Discussion!