New parents at Virgin Management, part of Richard Branson’s Virgin Group, are being offered up to a year off on full pay with shared parental leave.
The new initiative, just announced, allows parents and adoptive parents to receive up to 100% of their basic salary over a 52 week period. The amount of pay parents will get, regardless of gender, depends on how long they’ve worked there. For example those with less than two years’ service will get 25% of their pay, and after four years’s service this rises to 100%.
Shared parental leave benefit
The move will help parents who are going to make use of the Shared Parental Leave legislation that came into force in the UK on April 5th, 2015. Shared parental leave is available to both working parents in the first year following the birth or adoption of a child and gives parents more flexibility to share childcare between them after the mother’s maternity leave.
To find out about going back to work after having a baby and how shared parental leave works, see our guide to returning to work.
Free childcare increasing
Working parents of older children have had good news this month. The introduction of the Childcare Bill is set to double the amount of free childcare available for all working parents of three and four-year-olds to 30 hours a week. This also doubles the amount parents will save to around £5,000 a year, and will roll out from 2016.
If you’d like advice and information on your rights, childcare costs and options check out our comprehensive guide to childcare in the UK.
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