International banking group Standard Chartered has enhanced its global parental leave benefits to allow working parents to undertake more equitable caregiving responsibilities.
From 1 September, the bank’s employees worldwide will be able to take a minimum of 20 weeks of paid parental leave, irrespective of gender, relationship status or how a child permanently joins a family. Local legislation that offers parental leave entitlement that is greater than the minimum group standard will prevail, while local HR guidelines, including eligibility conditions and local statutory requirements, may apply.
According to the bank, the enhanced benefits have been designed to support working parents and are part of its commitment to fostering an inclusive culture, where employees are supported in balancing their personal lives with building successful careers.
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Tanuj Kapilashrami, group head of human resources at Standard Chartered, said: “We continuously look at how we can introduce progressive benefits that drive inclusion, improve the employee experience, and help colleagues achieve their potential. We believe benefits such as this help address globally prevalent societal norms around traditional roles, improve workforce participation and provide options to those who want to take up shared childcare responsibilities.
“This will positively impact families’ financial wellbeing and create a more inclusive workplace that supports each individual’s unique family planning choices. We hope that our actions inspire other employers across industries and around the world to take similar actions. If we take a stand together, we can build a movement that creates a more inclusive society.”
Standard Chartered also offers employees core funding for retirement savings, medical and life insurance, flexible and voluntary benefits in some locations, flexible-working options based around home and office locations, annual, parental, sabbatical and volunteering leave at 30 days, 20 weeks, 12 months and three days respectively, wellbeing support provided by digital wellbeing platform Unmind, a global employee assistance programme, sick leave provision, mental health first-aiders and self-help toolkits.