Citi Boosts US Parental Leave to Compete With Wall Street Rivals
- Bank increases paid leave to up to 24 weeks for birth parents
- Staff caring for sick relatives can take off two weeks a year
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Citigroup Inc. is increasing the time-off allowance for new parents in the US and introducing leave for staff to care for ailing family members, bringing it more in line with Wall Street rivals as they fight to attract and retain talent.
Under the expanded policy, all new parents in the US and Puerto Rico will receive 16 weeks of paid leave, including those who adopted or had children through surrogacy, according to an internal memo seen by Bloomberg News. Birth parents will receive an additional paid recovery time of as much as eight weeks, reaching a potential total of 24 weeks.