HSBC pays for bankers’ nannies in India for up to six years. Morgan Stanley allows pregnant staff to expense cab rides, and Citigroup Inc. lets new moms work from home for a year after their maternity leave runs out.
Across India, global financial firms are expanding maternity benefits to include perks rarely seen elsewhere, part of an effort to attract and retain female employees. Overall, less than a quarter of adult women in India work, among the lowest rates in the world.
India already mandates a minimum 26 weeks of maternity leave at full pay — among the most in the Group of 20 economies, according to the World Bank’s Gender Data Portal — and employers with more than 50 employees must offer a creche, or daycare, onsite or close by. Prime Minister Narendra Modi’s government also launched a job training program for women in 2021, and last year touted that adopting flexible hours could be a way to encourage women to work outside the home.
Including talented women in the recruitment drive, and retaining those already working at the banks, means addressing the specific needs of female employees in the world’s most-populous country. In addition to the required on-site daycare, HSBC Holdings Plc provides female employees with a monthly childcare allowance of up to $216 to pay for a nanny to look after kids up to age of 6.
“The idea is to provide support and make life easier for women when they come back to work,” she said in an interview in Mumbai.
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