Paid Time Off to Care for Your Parents—Seriously
But slowly. Elder care is the next frontier in deluxe benefits for highly skilled, highly sought-after workers. Here’s where we are.
This article is for subscribers only.
Companies have found a powerful new benefit to add to their arsenal of perks: paid time off to care for sick spouses, parents, and children.
As the hiring market has tightened over the past year, companies have beefed up their benefits packages, adopting more generous parental leave policies and student debt repayment benefits to attract and keep employees. And the benefits arms race continues apace. In the past month, two large employers are leading the way with a new benefit, offering what is generally called elder care but includes spouses and kids as well. Deloitte will give its employees 16 weeks of paid time off to care for sick relatives. Vanguard Group will allow up to two paid weeks.