Bank of London and The Middle East plc (BLME) has rolled out a new and flexible maternity leave policy. This allows employees to take up to a year of fully paid maternity leave. This policy stands out in the industry, offering significantly more fully paid leave than most UK businesses and even major high-street banks.
To accommodate different needs, the Bank provides a base of 40 weeks of fully paid maternity leave. After this, new mothers can choose to extend their leave to a full year by using accrued leave and other paid time off. Alternatively, they can enter a supportive phase for 12 weeks, during which they work just three days a week while still receiving full pay.
The Bank has introduced a new policy offering four flexible options to support employees, including a ‘return to work bonus’ after six months of resuming regular work schedules.
This move comes in response to research indicating that men in Britain work over 150 million hours more than women each week, highlighting a significant gender disparity in employment hours. Additionally, with the UK’s childcare costs being among the highest globally, as reported by the OECD, this policy aims to help mothers balance family responsibilities with their careers in banking.
BLME’s new policy seeks to mitigate the impact of childbirth on female employees’ career progression, confidence, and earning potential, addressing challenges that male colleagues are less likely to face. Since late 2021, BLME has increased its female workforce representation from 41% to 45%, with a goal of reaching 50% by the end of 2025. The Bank is also a signatory of HM Treasury’s Women in Finance Charter.
Andrew Ball, Chief Executive Officer, BLME said, “At a moment when rising childcare costs are causing anxiety to expectant mothers across the country, we’re taking real action to ensure we remain a progressive and family-friendly workplace and support women back into the workforce. We believe that maternity matters, and so we’re significantly increasing our maternity leave offer to employees. Our industry-leading policies will advance gender equality in the workplace, by supporting parents with professional careers to return to work and prosper in their roles.”
In its dedication to improving parental leave benefits, BLME will offer its male employees four weeks of fully paid paternity leave—twice the duration mandated by law.
