Standard Chartered will standardise the amount of paid parental leave the company offers starting on 1 September 2023 (Friday). This aims to provide employees the option to undertake more equitable caregiving responsibilities for their children.
In an announcement on Wednesday (30 August 2023), the Bank announced these enhanced benefits such as employees will gain access to a minimum of 20 weeks of paid parental leave, irrespective of gender, relationship status, or how a child comes to permanently join an employee’s family.
The Bank noted that while the standardised minimum 20-week parental leave will be implemented globally from 1 September, some markets will implement it at a later date once local regulatory approval has been obtained. The enhanced benefits will also currently not be applicable in a few markets due to planned divestitures of all or parts of the business in these markets.
It also shared that local laws provides parental leave entitlement greater than minimum Group standard, local law will prevail. Finally, it also reaffirmed that local HR guidelines, including eligibility conditions and local statutory requirements, may apply.
Standard Chartered said the enhancements are part of its commitment to fostering an inclusive culture where employees are supported in balancing their personal lives with building successful careers.
Tanuj Kapilashrami, Group Head of Human Resources at 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.”
Sha added that this will positively impact families’ financial wellbeing and to create a more inclusive workplace that supports each individual’s unique family planning choices.
Hoping that these steps would inspire other employers across all industries around the world to take similar actions noting that by standing together, it can build a more inclusive society.
