Bank of America has announced it is extending paid time off for maternity, paternity and adoption leave from 12 weeks to up to 16 weeks, along with the flexibility for parents to plan their leave when it works best for their family within the first year of their child arriving.
The announcement adds to a robust set of resources and programs supporting bank employees in the moments that matter most — including when they welcome a new child into their family. Bank of America has been recognized as a leader in workplace benefits for families that includes childcare reimbursement (up to $240 per month per child for eligible expenses); back up care resources when regular child or adult care arrangements are temporarily unavailable, adoption reimbursement (up to $8,000) and Employee assistance services such as confidential counseling and resources to assist with parenting issues, school information, legal services and financial planning.
For those wishing to know more about the new policy, the following Q&A was provided:
What is the change to your parental leave policy?
We are expanding the amount of paid time off parents can take to bond with a new child. Parents will now be able to take 16 weeks paid parental leave – maternity, paternity and adoptive.
Employees also will be able to take parental leave when it works best for their family – whether all at once or in two separate segments –within 12 months of when the new child arrives.
Why did the bank make this change?
We believe that the way we value and support our employees is a reflection of who we are as a company and we are committed to ensuring every employee gets the help they need to reach their goals both personally and professionally.
One of the ways we demonstrate this and strive to be a great place to work is by providing resources and programs to support employees in the moments that matter most — including when they welcome a new child into their family.
How many weeks did the bank offer before the update?
We’re expanding to 16 weeks from 12 weeks
When does this take effect?
The changes to maternity, paternity and adoption leaves take effect on April 4, 2016.
How many employees take a parental leave each year?
In 2015, more than 8,000 employees took parental leave.
Do you offer the same amount of paid time away to both parents?
Yes. We offer 16 weeks paid time to all eligible new parents for maternity, paternity and adoptive leave.
When does an employee become eligible for a parental leave?
Once an employee has worked for the bank for a year, he or she is eligible for parental leave?
What is the total amount of time employees can take off for parental leave?
Eligible employees will be able to take a total of 26 weeks – 16 paid weeks and 10 unpaid weeks.
Can employees choose when they take the leave?
Yes. Employees can take parental leave when it works best for their family – whether all at once or in two separate segments –within 12 months of when the new child arrives.
Will employees who are on leave be able to take the four additional weeks?
Yes. Any employee on a paid parental leave – maternity, paternity or adoptive – when we made the announcement is eligible for the extra four weeks paid time off.