Employees of Citigroup in the US will now enjoy more paid parental leave. They will now get 16 weeks of paternity leave. It is also introducing two weeks of caregiver leave for its employees in the Us and Puerto Rico.
This parental leave help parents spend quality time with the new born and bond with the baby, according to Sara Wechter, chief human resources officer, Citigroup.
Additionally, birth parents will also enjoy additional eight weeks off to help recover from childbirth. The parental leave policy is expected to be extended to employees of Citigroup in other locations soon. Its UK employees are already allowed 26 weeks of paid leave.
In July 2023, Barclays had revised its policy regarding parental leave in the US, offering a minimum of 16 weeks of leave for all new parents. The new policy was also aimed at eliminating the distinction between primary and non-primary caregivers, meaning all the employees now enjoy the same 16-weeks of paid leave. The policy encompassed childbirth, adoptions, and foster care arrangements for 16 weeks In addition to the parental leave policy, the company had 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.
JPMorgan Chase and Bank of America already provide a parental leave period of 16 weeks for all new parents, whereas Goldman Sachs Group grants mothers and fathers a 20-week leave. Morgan Stanley has also been ensuring that new parents receive a minimum of 16 weeks off.
