ANZ leads way in parental leave

One of New Zealand most prominent banks is leading the way in terms of paid parental leave after it announced it would be increasing the entitlement almost two years ahead of the government’s mandated changes.

ANZ confirmed yesterday that it would be boosting paid parental leave from 18 weeks to 26 weeks, starting 1 July, 2018 – significantly ahead of the government’s 2020 deadline.

With over 8,000 staff, ANZ’s parental leave policy is certainly among the most generous of all New Zealand’s largest employers, with around 240 team members taking the entitlement each year.

“We want our staff to feel supported so they can give their kids the best start in life,” said ANZ CEO David Hisco. “I’m a dad and remember those sleepless nights with my boys and wife Debs. When our first baby, James, was born I remember thinking I’d have my work cut out for me! Then when Tom came along, I knew it would be all hands on deck.”

Under the amended policy, primary caregivers are entitled to their full ANZ salary after the birth or adoption of a child. Employees can also take two weeks of paid family leave, usually taken before parental leave starts, increasing the entitlement to 28 weeks.

ANZ also gives employees on parental leave a lump-sum employer contribution to reduce the impact of unpaid leave on their KiwiSaver balances. Leave also accrues and employees can attend work for a paid day every three months to remain in contact with their teams.

“I know those first months are important – they grow and develop so quickly – so I want our staff to feel they can choose to spend time at home if they wish, with less financial strain,” said Hisco.

“This is another way we value and look after our employees. We want our people to feel supported and remain working for us while they have their families.”