Virgin Management, which makes up Virgin Groups investment and brand licensing arm has announced that it will give parents and adoptive parents up to 100 per cent of their pay for the 52 weeks of their leave. However, this does not apply to all employees, to qualify for the full 100 per cent employees must have been with the company for a minimum of four years. Employees that have been with the company for less than two years will be entitled to a reduced 25 per cent benefit.
Sir Richard Branson said in a statement: ‘I’m delighted that we can offer this support to our staff so that they can enjoy parental leave to the full as we continue to our work in changing business for good.’
In April 2015 the government introduced a new parental leave scheme allowing parents to share the 50 weeks of parental leave and the 37 weeks of paid maternity leave. However, this leave is at a reduced rate of 90 per cent pay or £139.58 per week, which often provides little incentive for the bread winner to stop earning.
‘If you take care of your employees they will take care of your business. As a father and now a granddad to three wonderful grandchildren, I know how magical the first year of a child’s life is but also how much hard work it takes,’