Volvo Car has announced new paid parental leave policy to its employees effective on April 1, 2021 as part of their support for equal parenting.
The ‘Family Bond’ policy is applicable for employees with at least one year of service entitled to a total of 24 weeks of leave at 80 percent of their base pay by default. The leave can be taken anytime within the first three years of parenthood.
However, in countries where local regulations that offer a more generous parental leave will take precedence.
Håkan Samuelsson, Chief Executive Officer said the policy reflects Volvo’s effort to create equal parenting for all genders and empower their employees through maintaining a positive culture in the organisation.
“When parents are supported to balance the demands of work and family, it helps to close the gender gap and allows everyone to excel in their careers. We have always been a family-oriented and human-centric company. Through this parental leave policy, we are demonstrating and living our values, which in turn will strengthen our brand,” he commented.
Volvo Cars’ global policy is inspired by the national legislation in its home market of Sweden, famous around the globe for its generous parental leave arrangements, which have delivered tangible benefits for parents and children alike in recent decades.
Rema Chetty, Head of People Experience in Volvo Car Malaysia said “We believe that a collaborative, inclusive, and diverse work environment ensures a happy workplace and in turn a successful organisation. We hope with the introduction of this parental leave policy, we can liberate our people to focus the joys of parenthood and be assured of continuous support from the company for their careers.”
Volvo is aiming to lead the change in this industry and set a new global standard by narrowing the gender gap whilst boosting the performance of their diverse workforce.