Paid Family Leave by Sector:
Finance & Insurance
Sector Characteristics
From the Bureau of Labor Statistics, data extracted January 2017
Employers
Approximately 480,000 private establishments and 1,000 government establishments primarily engaged in and/or facilitating financial transactions. This includes companies such as banks, investment firms, and insurance carriers.
Employees
Workers: 6.2 million
Median weekly full-time earnings: $1,024
Paid Family Leave Coverage
From the Bureau of Labor Statistics, 2010-2016 NCS
Coverage in Finance & Insurance is nearly triple the national average. This coverage represents a 12 percentage point increase from 2010, though only a modest increase since 2014.
Benchmark for Average Duration of Paid Parental Leave
From publicly available policy details on over 250 companies with paid parental leave, December 2016
- Birth mothers: 11 weeks
- Fathers/secondary caregivers: 4 weeks
- Adoptive/foster parents: 8 weeks
Spotlight on New Policies: Banking
From press coverage and publicly available policy information
Multiple employers in the Finance & Insurance sector have announced new or enhanced PFML policies in recent months. This high level of activity is in part due to the sector's intense competition for talent. See several examples below.
Barclays, August 2016: Extended paid parental leave from 1 to 6 weeks for non-primary caregivers, introduced flexibility for primary caregivers [See: Business Wire]
Bank of America, April 2016: Increased length of parental leave from 12 to 16 weeks for both men and women [See: Huffington Post]
Wells Fargo, June 2016: Announced new PFML benefits of paid parental leave, paid critical caregiving leave, and a backup adult care program [See: Business Journals]
Fidelity, March 2016: Expanded paid maternity leave to 16 weeks and parental leave to 6 weeks [See: Business Wire]
