Global banks operating in India are stepping up their efforts to attract and retain female talent by expanding maternity benefits that go beyond the norm. In a country where female workforce participation remains below 25%, these initiatives aim to empower women and promote gender diversity in the workplace.
Citigroup Inc. recently announced a policy allowing new mothers to work from home for up to a year after their paid maternity leave concludes. Aditya Mittal, Chief Human Resources Officer of Citi India & South Asia, stressed the importance of women's participation in India's development.
India already offers one of the most generous maternity leave policies among the G20 nations, mandating 26 weeks of full-pay leave for new mothers. Additionally, employers with over 50 employees are required to provide onsite or nearby daycare facilities.
This starkly contrasts with the United States, where there is no legal provision for paid parental leave. American banks, such as JPMorgan Chase & Co., Bank of America Corp., and Goldman Sachs Group Inc., offer considerably shorter parental leave periods compared to their Indian counterparts.
The competition for talent in India is intense, with global banks increasingly drawn to the country's growing economy and expanding middle class. HSBC, for instance, is actively recruiting wealth bankers, while Citigroup has identified India as a key market for expansion.
To cater to the unique needs of female employees, HSBC India provides a monthly childcare allowance of up to $216, enabling parents to hire nannies to care for children up to the age of 6. The bank also offers flexible working hours and post-natal career development.
Morgan Stanley offers pregnant employees in Mumbai and Bangalore the opportunity to expense cab rides in their last trimester to avoid crowded public transportation. The bank also provides a phased return to work, coaching for expectant and new parents, and mentorship programs. Additionally, Morgan Stanley grants new fathers up to 16 weeks of leave, a substantial enhancement compared to the 15 days of paternity leave mandated for government employees in India.
Citigroup intends to expand its paternity leave benefits in the coming year, aligning them with maternity leave policies, and further emphasizing its commitment to fostering a diverse and inclusive work environment in India. These efforts by global banks represent significant strides toward gender equality in the Indian workforce.
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