Virgin Management has introduced a year’s full pay for employees taking maternity, paternity or adoption leave once staff have accrued four years’ service with the organisation.
All working parents at Virgin Management, irrespective of gender are to be given up to 100% of their basic salary over 52 weeks following the introduction of shared parental leave on 5 April 2015.
Employees with less than four years’ service will have their pay during parental leave calculated on a pro-rata basis. For example, those with less than two years’ service will receive 25% of their basic salary.
The announcement follows Virgin Management’s decision last year to give all staff unlimited leave.
Shared parental leave is available to working parents in the first year following the birth or adoption of a child and gives them more flexibility to share childcare responsibilities.
Josh Bayliss, chief executive officer at Virgin Management, said: “We pride ourselves on our family-friendly and home/work-life policies, from parental leave and unlimited leave entitlement to flexible working.
“The introduction of the new shared parental leave legislation was a great opportunity for us to review our existing maternity, paternity and adoption benefits, and offer something special to our staff.
“This is a ground-breaking move from Virgin Management which demonstrates that the health and wellbeing of our people is at our core.
“Having a child is a life-changing experience and this policy means our employees have the opportunity to enjoy time with their families and have a great career.”
Sir Richard Branson (pictured), Virgin Group founder, added: “If you take care of your employees they will take care of your business.
“As a father and now a granddad to three wonderful grandchildren, I know how magical the first year of a child’s life is but also how much hard work it takes.
”I’m delighted that we can offer this support to our staff so that they can enjoy parental leave to the full as we continue to our work in changing business for good.”