UniCredit implements global parental leave policy of 16 weeks for mothers and 4 for fathers

On 22 March the Italian bank announced its implementation of a group-wide minimum standard maternity leave of 16 weeks (paid) and 4 weeks for fathers (voluntary), which will apply globally from April 2021. The press release notes, ‘The new parental leave standard is part of a larger set of welfare initiatives many of which have been specifically strengthened also in the context of the Covid-19 emergency.’ The statement refers to the bank’s initiative in establishing a dedicated Family Board comprising a dozen UniCredit employees with different personal and professional backgrounds, the task of which was to identify individual and family needs arising from the Covid-19 crisis and design possible solutions to the most pressing individual and family issues. The work of this dedicated forum has led to ‘psychological and physical wellbeing initiatives, support for home schooling and the new ways of working, including an etiquette on remote team management and respecting work-life balance.’