Legislation will save businesses over $57 million on insurance premium costs
DENVER, CO – The House passed legislation today on a preliminary vote that would save families and employers money on paid family leave. HB22-1305, sponsored by Representatives Yadira Caraveo and Matt Gray, will save businesses money by reducing premiums for the new voter approved family and medical leave program.
“This bill saves businesses money on paid family and medical leave premiums,” said Rep. Yadira Caraveo, D-Thornton. “In 2020, Coloradans gave the green light to paid family and medical leave for workers in our state and this bill delivers. As Colorado businesses and companies bounce back from pandemic-sparked inflation and supply chain backups, they’ll be met with lower premium costs to save them money.”
“We’re one step closer to 12-weeks of paid family and medical leave in Colorado,” said Rep. Matt Gray, D-Broomfield. “This bill will save our businesses millions on family and medical leave insurance premiums while giving workers the flexibility to take paid time off for hospital visits and family leave. Colorado businesses are the cornerstone of our state’s economic recovery and this bill will save them money and help support their workers.”
HB22-1305, sponsored by Representatives Yadira Caraveo and Matt Gray, will save businesses over $57 million by reducing initial premiums for the new paid family and medical leave program. In 2020, Colorado voters overwhelmingly decided that employees should have access to 12 weeks of paid family and medical leave.
If passed, the bill would reduce initial insurance premiums paid by employers for the state’s paid family and medical leave program beginning in January 2023.