New dads working for Sir Richard Branson at Virgin will be offered up to 12 months paternity leave with FULL PAY
The British billionaire is making it easier for new fathers within his company to spend more time with their families.
The paid full year is being offered to those who have been with the firm for more four years and to adoptive parents.
It has been called the most “generous” parental leave deal in the country but it apparently only applies to employees at Virgin Management, the investment and brand licensing arm of the company, which has 140 staff members.
Those who have been with Virgin for two years or less will receive 25 per cent of their salary.
In a statement Sir Richard said: “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.”
The 64-year-old, who is a father of two, hopes the offer will increase staff loyalty.
It’s strikingly different from the statutory government minimum payment to parents, which is £139.58.
In April this year, new regulations on shared parental leave came into effect.
Under the new laws, mothers and fathers may divide up to 50 weeks parental leave between them, as they see fit.
The amount available is calculated using the mother’s 50-week entitlement after two weeks of compulsory leave following the baby’s birth.
A study by YouGov earlier this year asked people who should have responsibility for looking after the children – assuming both parents earn the same.
While 53 per cent of people said it should be shared equally, 22 per cent said the mother always ought to have the responsibility, and just four per cent said it should be down to the father.
Last year, Sir Richard announced he was offering employees the opportunity to take unlimited holidays throughout the year in an effort to boost morale, creativity and productivity.