Electronic fund transfer giant PayPal has announced that it will be instituting significant changes to the structure of its leave policy for employees. The new policies will double maternity leave periods, increase paid sick time and give paid time off for employees requiring time to attend to the care of ailing family members.
The new program, which was officially announced for the first time on December 17th, also increases the payment amount for maternity leave from 80% of base rate pay to a full pay program. The leave time given with regards to maternity will increase to a total of 16 weeks, including an 8 week period of so-called bonding leave that will be available to both male and female parents. The new leave policies will go into effect on January 1st of 2016. 40 hours of paid sick time and up to five days, or one full work week, will be provided for volunteer projects.
PayPal has yet to release cost projections for the new leave programs, which will affect all of its nearly 10,000 United States based employees. PayPal’s share price experienced a slight decline during the two days following the earliest announcement of the new program, falling from an opening point of $36.53 on Thursday, December 17th to a seven day low of $34.82 the following day. PayPal’s new One Touch payment program, however, has bolstered the stock, returning it to close at $36.81 on Tuesday, a price slightly higher than last Thursday’s opening point.
PayPal Is The Latest Tech Player to Revamp Paid Leave
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