Voya Financial highlights critical role employers play in supporting financial protection for workers

About this update from Voya Financial, Inc.

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. Voya’s perspective highlights that employers are uniquely positioned to support employees, both by offering income protection through supplemental disability income insurance options and by delivering an integrated, supportive experience for their workforce. “Government programs are an important foundation, but they were never designed to fully replace income or address the broader financial realities employees may face,” said Maleiha Russell, VP, Life, Disability and Supplemental Health, Voya Financial. “Employers have a powerful opportunity—and responsibility—to build on that foundation with solutions that offer impactful benefits, simplify the claims experience and ultimately help employees stay focused on what matters most during critical life moments.” Research presented in the white paper also underscores that investing in employee financial protection is not just the right thing to do—it’s becoming a business imperative. Based on this, employers that take a more proactive, holistic approach to benefits have an opportunity to realize measurable results, including: Our research shows that 62% of employees who took leave said they trusted their employer more afterward, and 90% said they were very or somewhat l...

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