Global Banks Expand Maternity Benefits To Retain Women Employees In India
NDTV
Banks are hungry for talent in India. With US-China tensions growing, many global lenders are targeting the country, drawn by its fast-growing economy and burgeoning middle class.
HSBC Holdings Plc pays for bankers' nannies in India for up to six years. Morgan Stanley allows pregnant staff to expense cab rides, and Citigroup Inc. lets new moms work from home for a year after their maternity leave runs out.
Across India, global financial firms are expanding maternity benefits to include perks rarely seen elsewhere, part of an effort to attract and retain female employees. Overall, less than a quarter of adult women in India work, among the lowest rates in the world.
"We will never become a developed country without women's participation," said Aditya Mittal, chief human resources officer of Citi India & South Asia. The bank last week announcedthat new moms will now have the option to work from home for up to a year after their paid leave ends.
