New policy will set a global standard for all
Scotiabank employees for 8 fully paid weeks for all parents and 8
additional fully paid weeks for parents who have given
birth
TORONTO, Jan. 25, 2022 /CNW/ - Scotiabank
today announced it will be implementing a new global standard for
parental leave across its global footprint by 2025. The enhanced
offering will include 8 fully paid weeks for all parents welcoming
a new child, for example adoptive parents, and 8 additional fully
paid weeks for parents who have given birth. Employees in
Canada will also have increased
coverage for family benefits beginning on April 1st, which now includes
fertility, adoption and surrogacy support.
"At Scotiabank, we believe that providing parental leave for all
parents enables our employees to focus on their family and personal
wellbeing thereby bringing their best selves to the workplace,"
said Dominic Cole-Morgan, Senior
Vice President of Total Rewards. "We're proud to set this new
global standard and create enhanced benefits offerings that we can
expand internationally to all of our employees."
For employees in Canada, the
enhancements to the Parental Leave Policy will go into effect in
2023 after recent updates in 2020, and it will be implemented this
year in Trinidad & Tobago,
Bahamas, Cayman Islands and Turks & Caicos and
others. By 2025, this new standard will be implemented for
Scotiabank employees in 24 countries across the Bank's footprint
including Chile, Colombia, Mexico, Peru
and more.
"Delivering on our core purpose of for every future underpins
our approach to making our parental leave policy inclusive of all
parents," said Anya Schnoor,
Executive Vice President, Caribbean, Central
America and Uruguay (CCAU).
"No matter where Scotiabankers are located, they will be able to
expect the same quality coverage and flexibility that affords them
the time away from work to start their families."
New additional family benefits will also become available to
employees in Canada on
April 1st. As part of
their core coverage in the Canadian Benefits Plan, eligible
employees will now be covered for family support such as fertility
treatment, and adoption and surrogacy support. Also beginning on
April 1st, employees and
their eligible dependents in Canada will have $10,000 in mental wellbeing services as part of
their core coverage, which includes services like clinical
counsellors, internet-based cognitive behavioural therapy, and
psychologists to further support their mental and total
wellbeing.
About Scotiabank
Scotiabank is a leading bank in the
Americas. Guided by our purpose: "for every future", we help our
customers, their families and their communities achieve success
through a broad range of advice, products and services, including
personal and commercial banking, wealth management and private
banking, corporate and investment banking, and capital markets.
With a team of approximately 90,000 employees and assets of
approximately $1.2 trillion (as at
October 31, 2021), Scotiabank trades
on the Toronto Stock Exchange (TSX: BNS) and New York Stock
Exchange (NYSE: BNS). For more information, please visit
http://www.scotiabank.com and follow us on Twitter
@ScotiabankViews.
SOURCE Scotiabank