The new year is just a few days away and thanks to the work behind the scenes in New York State, there is some good news for families. When 2024 arrives, some families will receive an increase in a monthly payments.

The cost of everything is going up or has gone up and it takes it's toll on family budgets. From diapers to formula, it is a struggle for families to make ends meet considering that paychecks don't go as far as they used to. As inflation increases, working families are doing more work for less pay.

New York State is dedicated to leading the way in terms of helping working and struggling families. When 2024 arrives, these families will see an increase in money thanks to the New York Paid Family Leave Act.

According to a post from New York State:

Employees taking Paid Family Leave receive 67% of their average weekly wage, up to a cap of 67% of the current New York State Average Weekly Wage (NYSAWW). For 2024, the NYSAWW is $1,718.15, which means the maximum weekly benefit is $1,151.16. This is $20.08 more than the maximum weekly benefit for 2023.

For those of us with kids, we are in a constant battle between work and family and how to pay for things. We have four kids under the age of 7 and I work full time. My wife went back to work recently after or youngest turned 3 months as we needed the extra paycheck. Although she can only do a few hours a week, it helps. The issue is that when she and I work, we need childcare and as any parent will tell you, it is expensive and you are working just to pay for that while the other bills are still arriving.

For 2024, employees will contribute 0.373% of their gross wages per pay period. The maximum annual contribution for 2024 is $333.25. This is $66.18 less than 2023.

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