From 1 Sep, StanChart Bank is offering 20 weeks’ paid leave to employees who are new dads.
This is in a bid to have caregiving be “more equitable”, the bank said.
Female employees already have 20 weeks paid maternity leave, so the new policy means both dads and mums are entitled to the same benefits.
The move will apply to all employees globally, not just in Singapore.
StanChart said that new parents are entitled to paid parental leave “irrespective of gender, relationship status or how a child comes to permanently join an employee’s family”.
This will take effect from 1 Sep.
The bank said in a news release that the enhanced benefits are designed to support working parents.
Source: Unsplash
The bank says it is committed to fostering an inclusive culture.
Tanuj Kapilashrami, Group Head, Human Resources 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,” she added.
She then noted that the policy will “positively impact families’ financial well-being and create a more inclusive workplace that supports each individual’s unique family planning choices”.
Ms Kapilashrami also hopes that they’ll inspire other employers globally to take similar actions.
“If we take a stand together, we can build a movement that creates a more inclusive society,” she said.
During Deputy Prime Minister Lawrence Wong’s Budget 2023 speech, he announced that paternity leave in Singapore would be doubled to four weeks.
Previously, paternity leave was limited to two weeks.
Employers can offer this on a voluntary basis.
To help employers, the Government said it will reimburse the costs for the expanded policy.
For fathers of children born on or after 1 Jan 2024, they can start using the four weeks’ paternity leave.
Mr Wong had noted that “more than half” of all fathers in Singapore take paternity leave. He hopes to make the entitlement mandatory eventually.
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Featured image adapted from Khoa Pham on Unsplash.
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