Insurance Australia Group Limited (IAG) has announced “the most generous and accessible parental leave program in the Australian financial services industry”, with 20 weeks parental leave at full pay.
The insurer’s program offers a 14-week initial payment on the commencement of leave with a "welcome back payment" which doubles employees' pay for six weeks upon their return to work.
“IAG is committed to creating a family friendly workplace as companies that embrace diversity and flexibility attract and retain high performing individuals and ultimately perform better,” said IAG's Managing Director and CEO, Mike Wilkins.
“As an organisation we are supporting our people at a time when generally, they most need extra financial support and more flexible work options.”
Wilkins said the program was in response to feedback around the stresses of combining paid employment and parenting, and 'welcome back payments' aimed to help alleviate some of the financial pressures women face when considering returning to work.
“The Group also has a goal of having one third of all senior management positions filled by women by 2015 and I think this will help us achieve that, by really ensuring we are an employer of choice for mothers and families," he said.
Wilkins added that IAG has also committed to hold remuneration reviews with mothers who are absent from the workplace to ensure pay remains fair and consistent with their colleagues whilst still being based on merit and achievement.
IAG's 20 week parental leave program is on top of the government's parental leave policy of up to 18 weeks support and also offers secondary carers three weeks paid leave. The program becomes effective for any of IAG's Australian based employees taking parental leave from 16 April 2012.