- All new parents will receive 16 weeks of paid parental leave starting January 1, 2023 by JPMorgan
- This is a departure from the current policy which gives16 weeks paid time off for primary caregivers and six weeks for secondary caregivers
- The bank paid $5 million in 2019 to settle a case involving parental leave discrimination.
Wall Street giant JPMorgan Chase will now be giving 16 weeks of leave to all new parents — regardless of whether they are the primary caregivers of a child, according to an internal memo seen by Insider.
The announcement on Thursday came three years after JPMorgan paid $5 Million to settle a lawsuit. Parents leave discrimination lawsuit against the bank — the largest recorded settlement a US parental leave discrimination lawsuit had ever seen, per Bloomberg.
On January 1, 2023, a new policy for parental leave will take effect. This policy gives either parent 16 weeks’ leave. The bank’s current policyOffers 16 weeks of paid parental leave to primary caregiver, and six weeks to secondary caregiver.
JPMorgan last increased paid leave for the secondary parental caregiver — from two to six weeks — in mid-2018.It’s one year ago that Derek Rotondo (a fraud investigator at Bank) filed a a class-action lawsuitThe bank was accused of discriminating against fathers. Rotondo applied for 16-weeks of paid parental leave in 2017 but was denied by JPMorgan’s Human Resources Department because he wasn’t the primary caregiver. According to his legal filings.
Rotondo was informed by HR staff that birth mothers were what we consider primary caregivers. Rotondo was granted two weeks paid leave to be a non-primary caregiver.
JPMorgan settled the lawsuit for $5 million. This was split among approximately 5,000 fathers who were affected by the policy. The New York Times.
Cynthia Thomas Calvert is a senior advisor at the Center for WorkLife Law. The New York TimesIn 2019, it was found that leave policies that distinguish primary and secondary caregivers are often “an attempt of some employers to do right and not view caringgiving in the role of motherhood and fatherhood,” and that they generally have the opposite effect.
JPMorgan declined comment.
