Virgin Management is to pay employees taking shared parental leave (SPL) up to 100% of their salary over 52 weeks.
SPL came into force in April but many employers have yet to announce their policies on pay during SPL. The leave is available to working parents in the first year after the birth or adoption of a child and allows them to share up to 52 weeks’ leave. They can take it in turns to look after their child or take shared parental leave at the same time.
Virgin Management is the investment and brand licensing office of the Virgin Group. Its SPL pay policy is service-related, running from 25% pay for those with less than two years’ service, to 100% for those with more than four years’ service
The announcement follows the company’s decision last year to give unlimited holiday to employees, allowing them to choose how much annual leave to take.
Virgin Management chief executive Josh Bayliss (pictured), 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 people.
“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, 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.”
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