HSBC, the biggest bank in Hong Kong, will revise its parental leave policy, starting January 1, 2024. According to media reports, the bank will increase maternity leave for full-time staff to 20 weeks, up from the existing 16 weeks. The organisation will also give new fathers 40 days of paternity leave — a dramatic increase from the current 10 days.

In addition, the HSBC will give staff an extra four hours of personal or carer time each month — which is currently two hours per month — during which employees can attend to family, personal, and education matters.

a man and woman with a newborn baby
Full-time HSBC employees will get 20 weeks of maternity leave and 40 days of paternity leave, starting January 1, 2024 (© annakraynova via Canva)

The move will allow, “working parents [to] have more time to welcome and enjoy the arrival of their newest family member,” says the bank, and “empower employees to not only achieve their professional goals but also prioritise the well-being of their families and personal lives.”  Hang Seng, which is owned by HSBC, will implement similar changes to its parental leave policy next year. 

According to Hong Kong’s Employment Ordinance, employees are eligible for 14 weeks paid maternity leave if they have been working for the same company for at least 40 weeks. Employees will get four-fifths of the average daily wage they made in the 12 months leading up to their maternity leave. Under Hong Kong law, employees can get a minimum of five days of paternity leave.

See also
Hong Kong’s New World Group To Test 4.5 Work Week This Summer

The move by HSBC comes after Standard Chartered increased their paternity and adoption leave to 20 weeks, “to foster a more family-friendly and flexible working environment.” This is in line with their existing 20-week paid maternity leave policy, which has been in place since 2017.

The Hong Kong government has also stepped up its efforts to encourage residents to start families, most notably by offering a HK$20,000 newborn baby bonus to permanent residents who have children in the next three years.

Image credits: bedo via Canva

Share this article with your friends ~
5/5 - (1 vote)

From the Middle East to the Far East and a couple of places in between, Anjali has lived in no fewer than seven cities in Asia, and has travelled extensively in the region. She worked as a lifestyle journalist in India before coming to Hong Kong, where her favourite thing to do is island-hopping with her daughter. You can check out her musings on motherhood, courtesy her Instagram profile.

Add comment