Bank of America is going to let employees take a little more parental leave.
On Wednesday, the firm told its workers it would increase fully paid maternity, paternity and adoption leave in the US to 16 weeks from 12.
In addition, staff can take 10 weeks off unpaid, for a total of 26 weeks away within the 12 months after a child arrives.
The new parental leave policy also offers flexibility, meaning that a staff member could take eight weeks off, return to work for three weeks, and then take another eight weeks off.
The changes will take effect April 4.
“Supporting the needs of our employees is one of the most important things we do, especially during significant moments in their lives like having or adopting a child,” said global human resources executive Sheri Bronstein.
Numerous banks have been changing their parental-leave policies of late. Goldman Sachs provides 16 weeks of fully paid maternity leave, according to its website, and last year it increased its paid parental leave for nonprimary parents to four weeks.
Morgan Stanley provides 16 weeks of paid parental leave to primary caregivers. JPMorgan last year upped
fully paid parental leave for primary caregivers in the US to 16 weeks from 12. Citi offers 13 weeks of pregnancy leave and two weeks of parental leave for secondary caregivers.
The changes are being made to try to help workers maintain a better work-life balance — and to make the firms more attractive places to work.