The Swiss bank is expanding its paid leave policy for new fathers in Switzerland. The move follows Swiss voter backing for a two-week paid paternity leave from next year.
The Zurich-based bank will grant employees four weeks of paternity leave, it said in a statement on Monday. The move follows a federal vote on Sunday which won 60 percent backing for mandatory two-week paid leave for new fathers, compared to one day currently.
UBS offers maternity leave of up to 210 days, or 30 weeks, which is more generous than the legally required 14 weeks. The bank said that if both parents work for UBS, they are free to choose who takes how much of surplus paid parental leave.
Unpaid Leave, Part-Time Options
Fathers are already entitled to take up to four weeks unpaid leave in the first year of their baby's life, or to reduce to a four-day work week for as many as six months without suffering any pension fund setbacks. «We want to further promote the balance between work and family life and be an attractive employer,» UBS said.
Credit Suisse, which currently offers new fathers 12 days paternity leave, and other finance firms like Swiss Life and Mobiliar, which are at two weeks, haven't disclosed any changes to their plans.
