The London Stock Exchange Group is rolling out 26 weeks of paid parental leave for new parents globally, surpassing the benefit offered by some of the world’s biggest finance firms.
The policy will come into effect from July 1 for employees who have been at the company for more than 12 months, and can be followed by an eight-week phased return to work, during which employees work 80% of normal hours at full pay.
Currently, families can be “forced to make choices between affordability, financial stability and being able to be at home,” said Jennifer Thomas, global head of equity, diversity and inclusion at the firm. She said the new policy creates a more equitable offer for employees.
The company currently offers as little as five days to dads in Sri Lanka, while mothers in the US receive 12 weeks paid leave. In the UK, where LSEG is based, new fathers received two weeks off while maternity leave already matches the new policy.
Standard Chartered Plc and Goldman Sachs Group Inc. offer 20 weeks off for all new parents globally while JPMorgan Chase & Co., Barclays Plc and Bank of America Corp. offer 16 weeks off for US employees.
More companies are promoting gender-neutral parental leave policies because they encourage women to return to work sooner, helping to ease the pay gap by driving up wages and labor-force participation. Longer paternity leave can also boost the personal and economic well-being of working families and has been shown to lead to improved health and development outcomes for children.
While the UK offers shared parental leave and pay, only 1% of working mothers and 5% of fathers among eligible couples in Great Britain have taken up the offer since its introduction in 2015, a government report said last year, citing financial constraints as a key factor.
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