New York Sick Leave |
Starting on September 30, 2020, all employees in New York will begin to accrue protected sick leave. This leave will not be available for use until January 1, 2021. All employers are required to provide protected sick leave, but the amount and whether it’s paid will depend on their size and net income:4 or fewer employees and net income of $1 million or less: 40 hours, unpaid4 or fewer employees and net income of more than $1 million: 40 hours, paid5–99 employees: 40 hours, paid100+ employees: 56 hours, paidEmployees will accrue one hour of sick leave for every 30 hours worked. Accrual begins on September 30, 2020, or the employee’s first day of work, whichever is later. Unused sick leave will roll over into a new benefit year, but employers can limit yearly use to 40 hours if they have 99 or fewer employees, and 56 hours if they have 100 or more. We do not know yet whether front loading or lump sum systems will be allowed, but we expect that they will be and will update the HR Support Center when that information becomes available. Unused sick leave does not have to be paid out at termination. Employees may use their sick leave for any of the following:A mental or physical illness, injury, or health condition of the employee or their family member (regardless of whether it has been diagnosed or requires medical care when the employee requests leave);The diagnosis, care, or treatment of a mental or physical illness, injury, or health condition of, or need for medical diagnosis of, or preventive care for the employee or their family member; orCertain reasons related to domestic violence, a family offense, a sexual offense, stalking, or human trafficking of the employee or their family member (unless the employee committed the offense).Employers that already have sick leave plans at least as generous as that required by the state do not need to change their offering. Employers who are subject to local sick leave laws must offer the higher level of benefits, whether that’s under local or state law. We anticipate additional guidance and regulations from the state (for instance, a required poster and a webpage with FAQs) prior to January 1, 2021, but the information currently available is limited to the text of the statute. We will update the HR Support Center as new information becomes available. |
Insurance-technology
Specific Technologies Driving Insurtech Investment in 2024
Understanding the Funding Decline The decrease in funding does not necessarily spell trouble for the insurance sector but instead highlights a strategic shift, the report suggests. “The insurance industry, like many sectors, is focusing on the most promising ventures with substantial insurance potential,” the report explains. “Insurers are directing their investments toward key areas and current trends such as embedded insurance, employee benefits, and cyber risk management. This strategic investment approach signals a forward-looking mindset within the industry.” Three Key Insurtech Trends for 2024 The report identifies three major trends shaping insurtech investments in 2024: Public Insurtech Companies: Financial and Growth Strategies The report also notes that public insurtech companies are prioritizing revenue growth as their main goal. These firms are restructuring their financial strategies to boost cash flow and capitalize on rising revenue streams. Their growth prospects are supported by expanding asset portfolios and strong market demand. “Public insurtech companies are focusing on revenue growth and optimizing their financial frameworks to increase cash flow,” the report states. “The growth potential for these companies is driven by increasing revenue opportunities, broadening asset bases, and a robust market for their services.” In summary, while global insurtech funding saw a decline in 2023, the industry’s focus on GenAI, digital process management, and connected insurance technologies is setting the stage for a dynamic and forward-looking 2024.