Colorado
The Colorado Paid Family and Medical Leave Insurance Act (CO FAMLI) is requiring contributions be taken effective 2023 and benefits are payable under this new state program as of 2024.
Colorado Paid Family and Medical Leave Insurance Act (CO FAMLI)
What is the Update?
The contribution rate effective 2023 will be 0.9%, shared equally (0.45 each) between the employer and employee; employers with fewer than 10 U.S. employees are exempt from deductions and must deduct and remit only the employee portions to the state.
Eligible employees will be able to take up to 12 weeks of job protected leave per calendar year, and an additional four weeks will be allowed for those who have pregnancy-related complications.
The maximum benefit an employee can receive in 2024 will be 90% of their earnings up to $1,100 per week. The maximum weekly benefit will then be adjusted annually.
Handbook/Policy Updates
The law does not state any requirements for updating employer handbooks currently. However, you may wish to add information in your handbooks about the CO Paid Leave as the live date of the program draws nearer. We will also keep our clients posted regarding any updates.
Notice Requirements
Employers will be required to display a workplace poster. The poster is not released by CO at this time. We provide this to our clients, once published.
Larkin Action
N/A
Further Company Considerations
N/A
Resources
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Disclaimer
The Larkin Company is providing this information for general informational purposes and as a courtesy only. All information is provided in good faith and based on readily available information from various sources. We have taken reasonable steps to ensure that the information provided and any accompanying resources are accurate and provide valuable information. However we make no representation or warranty of any kind, expressed or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information provided in the document.
The information on this website does not contain, nor should it be construed or substituted for legal advice. Accordingly, before taking any actions based upon such information provided herein, we encourage you to consult with the appropriate professionals. The Larkin Company does not provide legal advice of any kind. The use or reliance of any information contained in this is solely at your own risk. Neither the Larkin Company nor any of its agents or employees shall be held liable or responsible for any inaccuracy, errors or omissions contained herein or for any damage you may suffer as a result of failing to seek competent legal advice from a licensed attorney.
Updated: 12/10/21