The new policy will provide a minimum of 16 weeks of leave for all new parents, regardless of their role as primary or non-primary caregivers.
In addition to the 16 weeks of parental leave, birth mothers will also be eligible for an additional six to eight weeks of recovery leave, bringing their total paid leave to 22 to 24 weeks.
Previously, the recovery leave for birth mothers ran concurrently with the childcare leave.
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These changes will take effect on July 1, 2023. The aim of these updates is to align Barclays with other Wall Street firms and promote gender equity and employee retention.
Major financial institutions such as JPMorgan Chase, Bank of America, Goldman Sachs, and Morgan Stanley have also extended their parental leave policies in recent years.
The new policy from Barclays reflects a growing trend among companies, including those in the financial industry, to offer more comprehensive parental leave benefits in order to support employees and create a more inclusive work environment.
These changes are part of Barclays’ ongoing commitment to creating a diverse and equitable workplace.
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The company also provides additional benefits such as family-building support, back-up childcare solutions, on-site health centers, and flexible work arrangements.
Overall, the updated parental leave policy at Barclays is a positive step towards supporting employees with growing families and promoting work-life integration.
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