Deutsche Bank Improves Parental Leave Benefits For Employees In Its 15 Asia Pacific Markets

As part of its commitment to its employees and focus on supporting them throughout different stages of life, Deutsche Bank has updated its parental leave policy for the whole Asia Pacific region. According to the bank, the enhanced policy is in line with its key priority in ensuring that all employees can dedicate meaningful time to their families and personal wellbeing, and took effect on 1 August 2023

The enhanced parental leave benefits are open to all Deutsche Bank permanent employees in Asia Pacific, regardless of gender or tenure, and include:

• Primary carers of a newborn or newly adopted kid can take up to 26 weeks of paid leave.

• Non-primary carers of a newborn or newly adopted kid can take up to 16 weeks of paid leave.

• Paid leave in the unfortunate event of a miscarriage

Currently, the 15 markets making up the bank’s Asia Pacific remit are: Australia, Bangladesh, Hong Kong, Japan, India, Indonesia, Mainland China, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, and Vietnam. 

In response to HRO inquiries, the bank stated that this is a major improvement over the prior policy, with the new 26 weeks of paid leave for primary carers increasing from 16 weeks, and the new 16 weeks of paid leave for non-primary carers increasing from two weeks. Notably, the increased perks are available to all employees, regardless of gender. It considers employees’ roles as primary or secondary carers rather than gender, in keeping with the bank’s emphasis on gender equality.

Related link: Standard Chartered Provides Minimum 20-week Paid Parental Leave Effective On 1 September

Amrita Mohanty, Head of Wellbeing and Benefits, Deutsche Bank, Asia Pacific told HRO: “The wellbeing of our employees is our top priority.

“We at Deutsche Bank are committed to maintaining an inclusive culture and supporting our employees at all stages of their lives. We hope that our substantially improved parental leave benefits will enable our colleagues to focus on their children and themselves during this critical time in their life.”

Amrita underlines that in developing the policy, Deutsche Bank spent significant time gathering feedback from colleagues about their requirements and how the bank can better support their well-being. The improved parental leave policy is the product of these discussions, as well as the region’s continuous focus on maintaining and attracting talent.

“The number one consideration was our employees’ wellbeing and engagement.”

Throughout the process, she says, Deutsche Bank was able to overcome the complexities of implementing a regional policy across 15 very different markets, all while taking statutory requirements and other local nuances into account and ensuring consistency in offering the core benefits across Asia Pacific.

As a whole, the leader hopes to see these benefits “continue to evolve in the region, and that one day, Asia Pacific leads the way globally. “

“I think there is always room to do more, especially to support returning parents to gradually re-integrate back to work and offer additional flexibility via offerings like flexible work arrangements, something which we have long implemented at Deutsche Bank.”