Voya Financial highlights critical role employers play in supporting financial protection for workers
Voya Financial, Inc. (NYSE: VOYA) a leading retirement, employee benefits and investment management company, today released new thought leadership examining the evolving landscape of paid family and medical leave (PFML) and the broader implications for workforce financial security. The white paper, Protecting the disability continuum: why Short-Term Disability coverage is essential in a Paid Family & Medical Leave World, points to a clear conclusion: while state-based and government-provided benefits are a meaningful step forward, they may not be sufficient on their own to meet employees’ financial needs during times of leave for a disabling condition– underscoring the important role employers can play.
As more states adopt PFML programs, employees are gaining access to baseline income protection during life events such as illness, caregiving, or bonding with a new child. While these programs often provide partial wage replacement, they are subject to caps and eligibility limitations and can create complexity for both workers and employers. As a result, employees may remain financially vulnerable at the very moments they need stability most.
