Standard Chartered announced the rollout of enhanced global parental leave benefits. From 1 September 2023, the bank will be standardising the amount of parental leave offered to its employees, providing all parents with the opportunity for greater equality in caregiving responsibilities for their children.
With the enhanced parental leave benefits, all employees in Singapore can look forward to 20 weeks of paid parental leave, irrespective of gender, or how a child comes to permanently join an employee’s family. Currently, female employees enjoy 20 weeks of paid maternity leave while male employees are eligible for the government’s recommended four weeks of shared parental leave, when they welcome a child to the family.
The enhanced benefits have been designed to support all working parents and is part of the bank’s commitment towards driving an equitable and inclusive culture, where employees are able to achieve their potential while balancing family life with a successful career.
Tanuj Kapilashrami, group head, human resources, Standard Chartered, said: “We continuously look at how we can introduce progressive benefits that drive inclusion, improve the employee experience, and help colleagues achieve their potential. We believe benefits such as this help address globally prevalent societal norms around traditional roles, improve workforce participation and provide options to those who want to take up shared childcare responsibilities. This will positively impact families’ financial well-being and create a more inclusive workplace that supports each individual’s unique family planning choices. We hope that our actions inspire other employers—across industries, and around the world—to take similar actions. If we take a stand together, we can build a movement that creates a more inclusive society.”
This enhanced parental leave is part of a series of progressive employee benefits rolled out by the bank over the last few years. In 2017, Standard Chartered was the first bank in Singapore to introduce 20-week paid maternity and adoption leave for female employees in Singapore, regardless of length of service. The bank also led the way in formalising flexible working arrangements for its 9,000-strong workforce in Singapore. Currently, more than 80% of its employees are on such flexible working arrangements.
Yang-Sheng Wong, head of human resources, Standard Chartered Singapore, Australia and Brunei, said: “The enhanced parental leave benefit is relevant and timely in Singapore, allowing both parents to have equal opportunity to take on active parenting roles and enjoy greater family-life satisfaction and outcomes. Employee experience is a top priority and by empowering our colleagues to take control of their personal, family and professional commitments, we want to make the bank a great place to work, grow and succeed for everyone.”
Re-disseminated by The Asian Banker