Bloomberg expands parental leave policy from 18 to 26 weeks

Bloomberg is expanding its parental leave policy from 18 weeks of fully-paid leave to 26 weeks effective immediately, as announced by founder Michael R. Bloomberg.

The company says that the policy is gender neutral and establishes a new global minimum standard for employees who are also primary caregivers.

“With this policy change, we are furthering our commitment to making Bloomberg a great place to work,” Bloomberg wrote in a global memo to employees.

“We recognise that every family is different, so our policies should reflect the needs of each and every colleague — across the world and regardless of gender.”

The new policy is effective immediately and grants primary caregivers – male or female – 24 weeks of fully paid parental leave, plus 10 transition days (one day off per week for 10 consecutive weeks) immediately following an employee’s return to work.

The policy also applies in the event of the adoption or foster placement of a child. Meanwhile, secondary caregivers will continue to receive four weeks of fully-paid leave.