Paid parental leave benefit program to be in place for agency by January

Six workweeks of paid leave each year for the birth, adoption, or foster placement of a new child will be provided to employees of the federal insurer of bank deposits, the agency said Wednesday in announcing the new program, adding it will be available to mothers and fathers equally – and to both parents if they are employees.

In announcing the program, which is scheduled to take effect in January, the Federal Deposit Insurance Corporation (FDIC) said the program is aimed at easing “some of the burden and worry that new parents face.”

“We recognize that many of our employees spend much of their time on the road and away from their family, and it is important that they feel supported,” said FDIC Board Chairman Jelena McWilliams.

According to the agency, the program will:

  • Provide up to six workweeks of paid leave per year for the purpose of caring for or bonding with a new child.
  • Offer eligibility to all employees immediately upon starting work at the agency.
  • Require employees to take the leave within one year from the birth, adoption, or foster placement of a child.
  • Allow the leave to be taken either all at once or intermittently.

The agency noted that the leave is separate from any benefit that may be available to an employee pursuant to the federal Family and Medical Leave Act.

FDIC said the new program is being established in conjunction with the FDIC compensation agreement with the National Treasury Employees Union (NTEU). The program will become effective following formal ratification of that agreement.

FDIC Announces New Paid Parental Leave Benefit for Employees