Bank of America is offering employees more paid time off after the birth of a child, joining the ranks of other corporations broadening parental leave benefits.
The company announced Wednesday that its is adding four additional full paid weeks to its benefit plan, bringing the total to 16.
J.P. Morgan Chase, Netflix and Facebook have also increased paid parental leave for their employees in recent months.
Charlotte-based Bank of America says the changes make it more competitive with other companies.
Employee James Cooper says his wife recently had a child and he was able to take some time off in the past. He says the additional leave will help maintain a better work-life balance.
“Being able to take that leave off of work to help her heal through the pregnancy, the late night feedings, the sleepless nights, it helped us through that transition,” Cooper says.
He adds that having time off also made it easier to return to work.
“Understanding the fact that they really value being home for dinner and one thing that shines through with this program is that they want you to spend time with the family so you're more productive and happier,” says Cooper.
The new policy applies to both full-time and part-time workers. Bank of America says it gives parents flexibility, with the option to break up those weeks over a 12-month period.
The expanded program begins next week.
According to the U.S. Department of Labor, only 12 percent of U.S. private sector workers have access to paid family leave through their employer.
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