Treasurer Pieciak: The case for paid family and medical leave

February 16, 2024  |  By Mike Pieciak 

As Vermont's State Treasurer, I am dedicated to supporting the financial well-being of all Vermonters. Last year, our office’s public retirement initiative, VT Saves, was unanimously approved by the legislature, supported by the governor, and signed into law. The program will help more Vermonters access a secure retirement, benefiting our economy and taking pressure off our state budget.

This year our office is supporting a proposal to establish a Baby Bonds program in Vermont. The program would invest $3,200 for every low-income Vermont child born on Medicaid, available to individuals at the ages of 18-30 for wealth-building activities such as buying a home in Vermont, starting or investing in a business in the state, paying for higher education or job training, or saving for retirement. The policy would provide a more comprehensive social security from cradle to grave.

However, as we strive to build a state that works for everyone, it's a harsh reality that almost 75% of Vermont workers lack access to paid family and medical leave. This leaves many Vermonters exposed and one unforeseen emergency away from financial insecurity and potential job loss. No Vermonter should be forced to choose between a paycheck and taking care of a loved one or addressing their own health needs.

I have come to believe that establishing a comprehensive paid leave program in Vermont would not only benefit individuals and families but also the broader economy. It would ensure individuals who need to take time off remain connected to our workforce, which fosters stability and financial security for businesses, families, and workers alike. Paid family leave is a strategic investment in our state’s economic future.

And the advantages of a paid leave program extend beyond financial security. Businesses can expect increased productivity and higher morale, with lower turnover rates and improved retention. This is critical given our need to expand and diversify Vermont’s workforce. Paid Family Leave would also support infant health, reduce dependence on public assistance programs, and alleviate financial strain on caregivers.

Vermont has a clear plan for a practical and fair paid leave program. By distributing the costs among all businesses and workers, the burden remains manageable, ensuring that all Vermonters can access essential benefits in times of need. 

Establishing a comprehensive paid family and medical leave policy aligns with our state’s values and supports our economy. Let's continue to work together to build a Vermont future where every individual can confront life's challenges with confidence and security, knowing both their job and family are safe. Let's implement a strong paid family and medical leave program and create a more resilient future for all Vermonters.

Mike Pieciak is Vermont’s State Treasurer. 

Bill H.66, an act relating to paid family and medical leave insurance, passed the Vermont House in 2023 and is in committee in the Vermont Senate.