Barclays has recently revised its policy regarding parental leave in the United States, offering a minimum of 16 weeks of leave for all new parents. The new policy will also eliminate the ongoing distinction within primary and non-primary caregivers, meaning all the employees will the same 16-weeks of paid leave.
Previously, the banking group only provided 16-weeks paid leave to its primary caregivers and the non-primary caregivers were allowed six-weeks of paid leaves.
In addition to the parental leave policy, the company has also introduced a separate recovery leave for birth mothers, allowing them to take an extra six to eight weeks off for a total of 22 to 24 weeks. Previously, the recovery leave for birth mothers was taken concurrently with the parental leave. The updated policy will be implemented starting from July 1st.
Moreover, the policy encompasses childbirth, adoptions, and foster care arrangements for 16 weeks, as stated by the company.
Speaking on the new policy, Richard Haworth, CEO, Barclays Americas expressed the dedication of the group in consistently investing in its employees and refining its benefits to maintain an exceptional work environment. He also emphasised how the improvements made to the childcare leave policy are just one aspect of a broader range of benefits aimed at assisting employees in effectively balancing their personal and professional lives.
JPMorgan Chase & Co. and Bank of America Corp. provide a parental leave period of 16 weeks for all new parents, whereas Goldman Sachs Group Inc. grants mothers and fathers a 20-week leave. Morgan Stanley ensures that new parents receive a minimum of 16 weeks off.
