HSBC 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.
Global financial firms operating in India are expanding their maternity benefits to attract and retain female employees. In a country where less than a quarter of adult women work, these perks are seen as crucial in encouraging women’s participation in the workforce. Aditya Mittal, chief human resources officer of Citi India & South Asia, acknowledges the importance of women’s participation in developing the country. He recently announced that new mothers at Citi India will have the option to work from home for up to a year after their paid leave ends. India already guarantees a minimum of 26 weeks of maternity leave at full pay, making it one of the highest in the Group of 20 economies. Employers with more than 50 employees are also required to offer on-site daycare facilities or daycare centers nearby. The Indian government has also launched a job training program for women and has encouraged flexible working hours to promote women’s employment outside the home.
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With tensions rising between the US and China, many global banks are eyeing India as a target market due to its rapidly growing economy and expanding middle class. HSBC and Citigroup are actively recruiting and retaining women employees in the country. HSBC provides its female employees with a monthly childcare allowance of up to $216 to cover the costs of hiring a nanny to look after children up to the age of 6, in addition to on-site daycare facilities. The bank has also implemented flexible working hours and post-natal career development programs for new mothers. Morgan Stanley offers pregnant employees in Mumbai and Bangalore the option to expense cab rides during their last trimester to ease transportation difficulties. The bank also provides support for women returning from maternity leave through gradual return-to-work programs, coaching, mentoring, and extends 16 weeks of leave to new fathers as well. While Indian law currently provides 15 days of paternity leave to government employees, there are no mandated minimums for the private sector. Citigroup plans to expand its paternity leave benefits in the coming year, aiming to make it equivalent to maternity leave.
