Richard Branson announces generous parental leave policy

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Richard Branson Announces Generous Parental Leave Policy



Richard Branson has just announced that employees at Virgin Management will have access to a shared parental leave policy that offers full pay for up to one year.

Eligible staff include both men and women as well as parents of newly adopted kids.

This exceeds the standards the U.K. government enacted in April, which allows for up to 50 weeks of shared leave, 37 of which are eligible to be paid.

It is also better than most companies which generally do not offer benefits for new dads, particularly in America.

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Richard Branson announces generous parental leave policy
Richard Branson, founder of the Virgin Group, center, Virgin Cruises CEO Tom McAlpin, left, and Miami-Dade County Mayor Carlos Gimenez, right, pose for photos, Tuesday, June 23, 2015, at Perez Art Museum in Miami. Branson and McAlpin announced that Virgin Cruises will set sail from PortMiami in 2020. (AP Photo/Alan Diaz)
Richard Branson, founder of the Virgin Group, arrives, Tuesday, June 23, 2015, at Perez Art Museum in Miami. Branson and McAlpin announced that Virgin Cruises will set sail from PortMiami in 2020. (AP Photo/Alan Diaz)
Richard Branson, founder of the Virgin Group, right, and Virgin Cruises CEO Tom McAlpin, left, place the Virgin Cruises flag at their arrival, Tuesday, June 23, 2015, at Perez Art Museum in Miami. Branson and McAlpin announced that Virgin Cruises will set sail from PortMiami in 2020. (AP Photo/Alan Diaz)
Richard Branson, founder of the Virgin Group, arrives, Tuesday, June 23, 2015, at Perez Art Museum in Miami. Branson and McAlpin announced that Virgin Cruises will set sail from PortMiami in 2020. (AP Photo/Alan Diaz)
Virgin Racing Team owner Sir Richard Branson talks to reporters during a news conference at the Formula E Miami ePrix auto race in Miami, Saturday, March 14, 2015. The race features a of 10 teams of two drivers racing electric powered open-wheel Formula cars. (AP Photo/Alan Diaz)
Richard Branson speaks on stage during We Day UK at Wembley Arena, in west London, Thursday, March 5, 2015. With 12,000 students and teachers in attendance from more than 550 schools, We Day celebrates the potential of young people to implement local and global changes. (Photo by Joel Ryan/Invision/AP)
Sir Richard Branson arrives for We Day at Wembley Arena in west London, Friday, March 7, 2014. Organized by international charity and educational partner, Free The Children, We Day is now a global event. Over 160,000 youths will come together in stadium gatherings to take part in an unprecedented educational initiative which inspires students to get involved in positive social change. (Photo by Joel Ryan/Invision/AP Images)
In this video grabbed image, billionaire Virgin Galactic founder Richard Branson, pauses before a news conference in which he saluted the bravery of test pilots, and vowed to find out what caused the crash of his prototype space tourism rocket that killed one crew member and injured another in Mojave, Calif., Saturday, Nov. 1, 2014. Virgin Galactic's SpaceShipTwo blew apart about 20 miles (32 kilometers) from the Mojave airfield after being released from a carrier aircraft Friday. (AP Photo/Scott Fain)
British entrepreneur Richard Branson, right, watches the match between Serena Williams, of the United States, and Maria Sharapova, of Russia, at the Sony Open Tennis tournament in Key Biscayne, Fla., Thursday, March 27, 2014. (AP Photo/Alan Diaz)
British entrepreneur Richard Branson speaks to some 300 would-be space tourists, who have paid some or all of the $250,000 fare up front, at a gathering in a Virgin Galactic hangar at Mojave Air and Space Port in Mojave, Calif., Wednesday, Sept. 25, 2013. Potential space tourists gathered in California's Mojave Desert to see the latest progress from Branson's space tourism enterprise. The company has been testing SpaceShipTwo designed to take paying passengers into space. Commercial flights will begin once testing is complete. (AP Photo/Reed Saxon)
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Virgin Management's CEO says the generous allowance "demonstrates that the health and wellbeing of our people is at our core."

However, the Washington Post points out that only about 0.2 percent of Virgin employees, or 140 people, will be able to receive their full leave pay.

It only applies to staffers at Virgin Management, which handles investments and licensing and is located in London and Geneva.

Eligible parents must also have been working for the company for a minimum of four years; otherwise, only a fraction of the salary will be paid out.
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