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Insurers lead the way on transparent parental leave and pay

Category: Association of British Insurers, Family Friendly Working, Family Friendly Solutions, Parental Leave, Insurance

Flexible Working.

Some of the UK’s biggest insurance and long-term savings companies have signed up to an ABI-led sector initiative aimed at ensuring transparent, easily accessible information on parental leave and pay policies. Coinciding with the start today of National Inclusion Week, this comes as the government is consulting on proposals to balance the gender division on parental leave.    

This first wave of signatories announced today are listed below. They will all ensure that details of their parental leave pay policy are clearly explained and highlighted on their public websites. Up until now, there has been no uniform approach, with some firms setting out their policy as part of their careers information, while others only providing details of it for existing employees.   

Yvonne Braun Yvonne Braun, ABI Diversity and Inclusion Executive Sponsor and ABI Director of Policy, Long- Term Savings and Protection, said:    

 “Parental pay can often be shrouded in secrecy and as an industry, we want to change this. It’s easy to find out about benefits such as pensions contributions upfront, but pay   for maternity, paternity and adoption leave is not usually public, and jobhunters are very reluctant to ask.

“I’m proud to see insurers and long-term savings providers step up to make this simple but important change in their approach. We believe we are the first industry to do so, underlining our ambition to be inclusive to all and an attractive sector to work in.”   

Justine Roberts, Founder of Mumsnet, added: “It's brilliant that ABI members are embracing this challenge. We're running the Publish Parental Leave campaign because we know that prospective parents really value this information, and are understandably reluctant to ask about it at interview, so this sort of transparency is key."  

Minister for Women, Victoria Atkins MP, said: "Publishing parental leave options allows women and men to make informed decisions about work, and how they can balance it with being a parent. I'm delighted that ABI members are leading the way by making their policies fully transparent.

“Earlier this year, we launched our Roadmap for Gender Equality, which includes plans to consult on increasing transparency around parental leave and pay policies. Working alongside initiatives like this, we can make a real difference for parents around the UK."

In addition to making parental leave and pay transparent, many ABI members are further supporting employees by equalising the pay offered for maternity and shared parental leave, supporting people returning from parental leave with a phased part-time return at full pay, and offering paid time off or flexible working arrangements to support those undergoing fertility treatment. The ABI expects more of its members will sign up to this transparency initiative in the coming months.  

The ABI member and Platforms members agreeing to be part of the first wave of this initiative are:  

Admiral

Ageas Insurance

Allianz Insurance plc - VERCIDA member

Aviva - VERCIDA member

AXA UK

Direct Line Group

Hargreaves Lansdown

Hiscox

LV=

M&GPrudential

NHBC

PensionBee, the online pension provider

Phoenix Group

Police Mutual Group

ReAssure

Rothesay Life

Royal London Group

RSA

Sabre Insurance Group

Sun Life Financial of Canada

Zurich Insurance UK

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VERCIDA works with over one hundred clients who are committed to creating an inclusive work environment. If you are an employer and interested in working with VERCIDA to promote your diversity and inclusion initiatives and attract the best candidates, please email info@vercida.com for more information.

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Association of British Insurers

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