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. 

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"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

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