TD Bank and Johns Hopkins University have launched new parental leave policies.
The new policy for employees at TD Bank and TD Securities U.S. offers 16 weeks of paid leave to all new parents. It also provides primary and secondary caregiver eligibility, regardless of gender, as well as job protection during the leave.
TD Bank Group’s eligible Canadian employees already have six weeks of parental leave topped up at 100 per cent by the company.
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Johns Hopkins University also introduced a new parental leave policy, effective July 1. The policy, which is available to full- and part-time employees who’ve worked at the organization for at least a year, includes four weeks of leave at full pay for mothers and fathers after their child is born or placed through adoption. Employees who give birth will have an additional six weeks of paid birth recovery leave.
Along with the new policy, the university is increasing the amount of assistance it offers qualified employees to reimburse their expenses related to adopting. The total will rise from $5,000 to $15,000 per child.
“We have worked to create a benefit that allows faculty and staff to put their energy into caring for a new child while feeling secure about their income and work responsibilities,” said Heidi Conway, vice-president for human resources at the university, in a news release.
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Alongside the expansion of its new parental leave policy, TD also published the results of a new survey, which found 62 per cent of Americans — and 85 per cent of millennials — believe a parental leave policy is an important factor to consider when choosing an employer. More than a third (37 per cent) of Americans — and half of millennials — believe parental leave policies should evolve to be inclusive of modern families.
If an employer didn’t offer parental leave it would impact the amount of time they would take off, according to 78 per cent of survey respondents, and 78 per cent would also take additional unpaid time if money were not a factor.
“All parents should have the opportunity to welcome their new children home, without worrying about work or pay cheques, which is why our new parental leave policy is so important to our employees,” said Beth Webster, head of human resources at TD Bank.