Barclays Plc has updated its leave policy to provide at least 16 weeks for all new parents in the US, as Wall Street firms increasingly boost time off for employees with growing families.
The policy applies to births, adoptions and foster care placements, according to a company statement. Under the bank’s existing policy, primary caregivers were eligible for 16 weeks off, while non-primary caregivers could take six weeks.
On top of the 16 weeks, Barclays will also allow birth mothers to take an additional six to eight weeks of recovery leave for a total of 22 to 24 weeks. Up until now, the recovery leave for birth moms ran concurrently. The new policy takes effect July 1.
Read more: More Companies Are Giving Mom and Dad Equal Paid Parental Leave
Companies, including Wall Street firms, have increasingly been embracing gender neutral parental leave in a bid to retain employees and increase equity among workers. When new dads take paid time off, research shows, it helps moms engage in paid work, driving up their labor-force participation and wages.
JPMorgan Chase & Co. and Bank of America Corp. both offer 16 weeks off for all new parents, while Goldman Sachs Group Inc. gives moms and dads 20 weeks off. Morgan Stanley gives new parents at least 16 weeks off.
Secondary caregivers at the average Russell 1000 company typically get 7.6 weeks of paid leave compared with the 10.5 weeks primary caregivers receive, according to JUST Capital, which tracks corporate equity. Only 9% of the largest companies in the US offer parents equal amounts of paid time off.
