Sun Life: Tax credit legislation gives boost to paid leave and businesses should embrace that

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Feb 15, 2024, 11:19 ET

WELLESLEY, Mass., Feb. 15, 2024 /PRNewswire/ -- The Paid Family and Medical Leave Tax Credit Extension and Enhancement Act introduced by Senators Deb Fischer of Nebraska and Angus King of Maine will make it easier for employers of all sizes to offer paid leave benefits to their employees. Paid leave programs have become strong tools for talent recruitment and retention, as more workers in the U.S. seek out a broad range of benefits through their employers, enabling employees to take leave and come back to work more productive and less stressed.

"We fully support paid leave for all workers in America," said Dan Fishbein, M.D., president, Sun Life U.S. "This is an essential benefit that serves everyone, whether you're a new parent, caring for a loved one, or experiencing a major health event. Paid leave provides a pathway for people to keep their jobs without neglecting their health or that of a loved one, and as a result strengthens businesses and our economy."

As a long-time advocate for paid leave at federal, state, and employer levels, Sun Life offers its employees one of the most generous paid leave programs in the country.

"The enhancements proposed in this legislation will encourage more employers to offer paid leave to lower-wage workers, who often face a difficult decision when the need to take leave arises," Fishbein continued. "By making the tax credit permanent and broadening its accessibility to more employers, as well as rewarding companies who exceed statutory paid leave requirements, the legislation will meaningfully increase the number of Americans with paid leave coverage. We thank Senators Fischer and King for their leadership on this critical national issue and look forward to supporting their efforts to expand access to paid leave and make it a new normal in our country."

Sun Life U.S. has supported efforts to expand paid leave in several states, including Colorado, Connecticut, Florida, Maine, and Massachusetts, and recently announced a new, fully insured coverage option with Family Leave Insurance, broadening access to paid leave in states without a government program.

About Sun Life
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2023, Sun Life had total assets under management of C$1.40 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Sun Life U.S. is one of the largest providers of employee and government benefits, helping more than 50 million Americans access the healthcare and coverage they need. Through employers, industry partners and government programs, Sun Life U.S. offers a portfolio of benefits and services, including dental, vision, disability, absence management, life, supplemental health, medical stop-loss insurance, and healthcare navigation. Sun Life employs more than 8,300 people in the U.S., including associates in our partner dental practices and affiliated companies in asset management. Group insurance policies are issued by Sun Life Assurance Company of Canada (Wellesley Hills, Mass.), except in New York, where policies are issued by Sun Life and Health Insurance Company (U.S.) (Lansing, Mich.). For more information visit our website and newsroom.

Media contacts

Devon Fernald
Sun Life U.S.
[email protected]
781-800-3609

Maya Linson
Sun Life U.S.
[email protected]
202-794-3738

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SOURCE Sun Life U.S.