Standard Chartered Plc will offer at least 20 weeks of paid leave to new parents starting next month, joining a wave of companies expanding benefits for dads and adoptive parents as well as moms.
The bank, which had previously offered 20 paid weeks for maternity and two weeks of pay for paternity and adoption leave in its biggest market in Hong Kong, hopes the new policies will attract and retain talent, according to a statement Wednesday.
The policy takes effect from September 1 globally, though some markets will implement it at a later date once local regulatory approvals have been obtained, according to the bank.
The move puts the London-based lender ahead of most of the biggest US firms, just 9% of which offered at least 12 paid weeks off for all new parents in 2022, according to a report from JUST Capital, up from 6% the year previous.
Standardized policies for both parents are important because they encourage women to return to work sooner, helping to ease the gender pay gap by driving up wages and labor-force participation. Longer paternity leave can also boost the personal and economic wellbeing of working families and has been shown to lead to improved health and development outcomes for children.
Lenders have been boosting parental leave. Deutsche Bank AG this month increased leave for permanent staff in Asia-Pacific who are primary caregivers of a new baby up to 26 weeks from 16 weeks previously, according to a spokeswoman for the bank. It also boosted leave for non-primary caregivers up to 16 weeks, from 2 weeks previously, she said.
JPMorgan Chase & Co., Barclays Plc and Bank of America Corp. offer 16 weeks off for all new parents in the US, while Goldman Sachs Group Inc. gives moms and dads 20 weeks off. Morgan Stanley gives new parents at least 16 weeks off.
Read More: More US Companies Are Giving Mom and Dad Equal Parental Leave
--With assistance from Tom Metcalf.
(Adds details on other banks in last two paragraphs)
