AdvisorSmith Finds the Small Business Impact of President Biden's Paid Family and Medical Leave
AdvisorSmith conducted an informal survey of small business owners to understand their opinions about a paid family and medical leave program.
The American Families Plan proposes employers be required to provide 12 weeks of paid family and medical leave to their employees. The national program would pay between two-thirds and 80 percent of a worker's weekly wages while on leave. This amounts up to a maximum of $4,000 per month.
For the study, AdvisorSmith also examined data published by the Bureau of Labor Statistics and the plan proposed by the White House.
The study found that the primary concerns for small business owners about paid family and medical leave were how small businesses would afford to pay for leave if the federal government does not fully fund the program.
The other concerns were operational and staffing difficulties when employees are out on leave and administrative burdens.
Only 15 percent of small businesses with under 100 employees currently have paid family and medical leave. Small businesses with under 100 employees account for 5.1 million businesses or 97.5 percent of all companies.
AdvisorSmith also found employee retention and morale benefited small businesses from offering paid family and medical leave.
"We created this study because we wanted to offer small businesses information on how the proposed American Families plan will impact them," Adrian Mak, AdviorSmith, CEO.
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