US government agency the Federal Deposit Insurance Corporation (FDIC) has introduced a new paid parental leave policy, offering up to six weeks of paid leave for male and female employees.
The new policy, which was announced in October 2019, enables both male and female employees to take up to six weeks of paid leave per year in order to care for and bond with a new child. This is applicable for birth and adoptive parents, as well as those undertaking foster placements, and employees are eligible for the benefit as soon as they join the FDIC.
The paid parental leave, which can be taken in all at once or intermittently, must be used within one year of the child’s birth, adoption or foster placement. Furthermore, the FDIC’s parental leave provision is separate from employees’ other benefit entitlements, such as those available under the Family and Medical Leave Act (FMLA).
The new benefit is being implemented in conjunction with the FDIC’s compensation agreement with the National Treasury Employees Union (NTEU); this will be effective from January 2020, following formal ratification.
Jelena McWilliams, chairman at the FDIC, said: “We are proud to provide this important benefit to our employees, to ease some of the burden and worry that new parents face. We recognise that many of our employees spend much of their time on the road and away from their family, and it is important that they feel supported.
“The paid parental leave will allow the FDIC to be more competitive with the private sector in attracting the next generation of top talent.”