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New parents who adopt, foster, or engage in surrogacy will also benefit, and can take the leave either continuously or spread out within a period of 12 months.
In a series of enhancements to its family support offerings, Bank of New York Mellon (BNY Mellon) has announced an inclusive new parental leave policy for all employees globally, including in India.
Under the new parental leave policy, all new parents will receive a minimum of 16 weeks of paid leave, regardless of their circumstances (such as adoption, foster, or surrogacy). The 16 weeks of paid leave can be taken continuously or in one-week increments within a period of 12 months.
Per the practice in India, birth mothers there will continue to be entitled to 26 weeks of paid maternity leave, while all other parents are now entitled to the 16 weeks of paid leave. This is in addition to the existing family-friendly leave policies BNY Mellon has in place, which include caregiver leave (to support employees facing unplanned family care circumstances), two weeks of “work from anywhere” that allows eligible employees to work from certain locations, and enhanced bereavement leaves.
The enhanced policy came into effect in the first quarter of 2023 and now applies to all global offices of BNY Mellon.
Yash Mohan, Head of HR – APAC, BNY Mellon, commented: “Our 'New Parent Leave' policy aligns with our philosophy to deliver benefits and wellbeing programs that ‘meet you in your life moments’. This will help parents balance the demands of a career and family while navigating work in a hybrid environment. It will also ensure fair and equal treatment of all employees when a new child arrives, supporting shared parental responsibilities."
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