Swedish automaker Volvo Cars
is increasing paid parental leave for employees globally to 24 weeks regardless
of gender, the company announced Tuesday.
both hourly and salaried — who have been with the automaker for at least one year
are eligible for the new “Family Bond” program, the company said.
those who become parents through birth, adoption, permanent foster care and
surrogates. Non-birth parents in same-sex couples are eligible as well. The
program takes effect Thursday, Volvo said.
be paid 80% of their base pay by default under the program. They can use
the time off from work during the first three years of parenting a
new child. U.S. employees also have the option of 19 weeks of fully paid
parental leave within 36 months of becoming a parent, according to Volvo.
The new policy is meant to
assist the company in talent acquisition and retention as it focuses on
becoming an all-electric vehicle manufacturer by
2030, according to Volvo CEO Hakan Samuelsson.
current program allows for six weeks of pay to be used in the first year of
becoming a parent, according to the company.
parental leave program is among the most comprehensive in the automotive
industry. For example, General
Motors and Stellantis offer U.S. salaried employees up to 12 weeks of paid family leave for new parents, while
Ford Motor offers up to eight weeks. Ford’s is in addition to the six to eight weeks available to birth mothers.
to launch the new parental leave program following positive results of a
similar pilot program for thousands of its sales employees in Europe,