Employee Benefits

It is no secret that small businesses struggle with employee retention and providing employee benefits, the cost of which for many, is not affordable.

Currently, there is a task force in New Mexico that is working on a plan to help with a benefits plan to help small business owners and self-employed individuals with paid leave. 

THE PAID FAMILY AND MEDICAL LEAVE TRUST Fund would pay eligible employees a percentage of the employee’s salary that would allow for bonding time with a new child or time to care for a family member. The program would be under the jurisdiction of New Mexico Workforce Solutions and self-employed individuals have the option of opting into the program. Depending on contributions participating employees would contribute one-half of a percent of the employee earnings each quarter and the contribution of self-employed individuals shall be remitted by the individual each quarter. If passed, this bill would take effect beginning July 1, 2023. 

We don’t have solutions to all the costs and conditions associated with employee benefits. We do work hard to stay on top of issues that affect small business owners. Like cream on top of your coffee, it is just one of the services we offer our clients businesssolutionsbydesign.com/services.

Watch for my August newsletter to contain more information on this and other topics for small business owners. 

Yours truly,

Amanda Davis