Box 14 is primarily for informational purposes. For 2020, the IRS has instructed employers to report qualified sick and family leave wages under the Families First Coronavirus Response Act in Box 14. The IRS explains that this reporting requirement is imposed so that employees who are also self-employed can properly claim their qualified sick and family leave equivalent credits. So, unless you are also self employed, you don't need to do anything with the information in Box 14.
Box 14 is a catch all box for the employer to put anything they want. There are only are few "standard" entries. Most have no meaning other than to the employer. Ask the employer what it means. (Just a guess Emergency Paid Sick Leave Act (EPSLA) perhaps)
W-2 for 2021 has "EPSLA 511 and amount" in the box 14, if not self-employed, can the information be ignored or does it need to be entered?
After entering the description from your W-2's box 14, enter the dollar amount and select the correct tax category that goes with that description. If none of the categories apply, scroll to the bottom of the list and choose Other (not classified).
You should always report your W-2 form exactly as shown on the form. Not all items in box 14 have an impact on your taxes, but some do.
There is some guidance here on COVID19 Sick Time: