NEW YORK–The nation’s largest bank, JPMorgan Chase, said it is expanding its parental leave policy and effective Jan. 1 it will give 16 weeks of time off to either parent for the birth or adoption of a child, regardless of whom is the primary caregiver.
The “primary caregiver” clarification may come in recognition of a $5 million settlement JPMorgan agreed to pay in 2019 over a discrimination claim an employee filed, asserting the bank’s policy was biased against fathers, Bloomberg reported.
The report further states JPMorgan is also increasing to 10, from six the number of sick days it will offer to its full-time employees. In addition, it is increasing to 20 days its bereavement leave for employees over the death of a spouse, domestic partner or child, or for stillbirth or miscarriage, Bloomberg stated, citing an internal memo.
Bloomberg reported the 20-day total puts JPMorgan on par with rival Goldman Sachs, which announced a similar benefit bump last year.
JPMorgan employees will also be eligible for up to four weeks of paid time off to care for a seriously ill spouse, domestic partner, child or parent, the bank said.
“The benefits boost comes as several big banks, over the past two years, have sought to improve their work-life balance offerings in hopes of retaining top talent,” Bloomberg reported.
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