HSBC Holdings has increased the parental leave provided to its 20,000 staff members in Hong Kong. The modifications will come into effect in January 2024.
Previously, the full-time employees could avail 16 weeks of parental leaves, which as per the new rule, will now be extended to 20 weeks. Similarly, the 10 days leave available for new fathers or secondary caregivers, will now increase to 40 days.
Currently, the bank has approximately 52 per cent women employees within the city.
Luanne Lim, chief executive, HSBC Hong Kong, mentioned that there is a growing trend among colleagues who express the desire to adjust their working hours to assume increased responsibilities in caring for their families.
Furthermore, HSBC has also increased the allowance for personal or caregiving time from two hours to four per month. This extension aims to facilitate employees in fulfilling caregiving duties, focusing on self-care and engaging in personal development and learning activities.
Banks throughout the region have been improving their parental leave policies. Earlier this year, Standard Chartered introduced a minimum of 20 weeks of paid leave for new parents. Deutsche Bank AG extended leave for permanent staff serving as primary caregivers in Asia-Pacific region to 26 weeks.
HSBC, or the Hong Kong and Shanghai Banking Corporation, is a multinational banking and financial services institution. With a significant global presence, HSBC operates in various countries, offering a range of banking and financial products and services to individuals, businesses, and institutions. The bank is known for its array of services, including retail banking, commercial banking, investment banking, and wealth management.
