Effective 1 August 2023, the benefits cater more towards the role of both primary and non-primary caregivers.
As part of its commitment to its employees and focus on supporting them throughout different stages of life, Deutsche Bank has updated its parental leave policy for the whole Asia Pacific region. According to the bank, the enhanced policy is in line with its key priority in ensuring that all employees can dedicate meaningful time to their families and personal wellbeing, and took effect on 1 August 2023
The enhanced parental leave benefits are open to all Deutsche Bank permanent employees in Asia Pacific, regardless of gender or tenure, and include:
- Up to 26 weeks' paid leave for primary caregivers of a newborn or newly adopted child
- Up to 16 weeks' paid leave for non-primary caregivers of a newborn or newly adopted child
- Paid leave in the unfortunate event of a miscarriage
Currently, the 15 markets making up the bank's Asia Pacific remit are: Australia, Bangladesh, Hong Kong, Japan, India, Indonesia, Mainland China, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, and Vietnam.
In response to queries by HRO, the bank said this is a significant enhancement of the previous policy; the new 26 weeks' paid leave for primary caregivers is an increase from 16 weeks, and the new 16 weeks' paid leave for non-primary caregivers up from two weeks. Significantly, the revised benefits are applicable to employees regardless of gender. It takes into account the employees’ role as either a primary caregiver or non-primary caregiver, as opposed to gender, in line with the bank’s focus on gender equality.
Amrita Mohanty, Head of Wellbeing and Benefits, Deutsche Bank, Asia Pacific told HRO: “The wellbeing of our employees is our top priority.
"At Deutsche Bank, we are committed to continuing to foster a culture of inclusivity and supporting our employees throughout their life milestones. With our new newly enhanced parental leave benefits, we hope to empower our colleagues to focus on their families and themselves, during what is a very important time in their lives.”
In setting the policy, Amrita affirms that Deutsche Bank spent a considerable amount of time obtaining feedback from colleagues about their needs and the bank can better support their wellbeing. The enhanced parental leave policy is the result of these conversations, as well as ongoing focus on retaining and attracting talent across the Asia Pacific region.
"The number one consideration was our employees’ wellbeing and engagement."
Throughout the process, she notes, Deutsche Bank was able to overcome the complexities involved with rolling out a regional policy across 15 very different markets, while considering statutory requirements and other local nuances and ensuring consistency in offering the core benefits across Asia Pacific.
As a whole, the leader hopes to see these benefits "continue to evolve in the region, and that one day, Asia Pacific leads the way globally. "
"I think there is always room to do more, especially to support returning parents to gradually re-integrate back to work and offer additional flexibility via offerings like flexible work arrangements, something which we have long implemented at Deutsche Bank."
Lead image / Shutterstock