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Credit Suisse extends time-off benefits for Swiss staff By Reuters


© Reuters. FILE PHOTO A Credit Suisse sign can be seen outside their Americas headquarters, in Manhattan. September 1, 2015. REUTERS/Mike Segar/File Photo

ZURICH (Reuters) – Credit Suisse (SIX:) will extend time off for childcare and holidays and will let senior managers take sabbaticals under new rules for Swiss staff to take effect next year, Switzerland’s second-biggest bank said on Monday.

Credit Suisse’s priority is to help parents and encourage staff to take regular time off. This statement was made citing increasing family diversity and the necessity for frequent breaks from work.

This move is being made by banks as they consider whether old working conditions can still be relevant in order to draw a wider workforce.

Paternity/adoption leave for the primary caregiver will now be 26 weeks. The current 12-day paternity/adoption leave will go up to 6 weeks.

Credit Suisse allows parents to split the 10 weeks of parental time. This is after 16 weeks of maternity, and over the entire period of adoption leave.

Managers can approve that both kinds of parental leave may be used in part-time employment within one year after the adoption or birth.

For long-standing staff, the bank may also offer additional days. Employees can be granted an additional five-day paid holiday after five years. The maximum amount of time allowed is 10 days for those who are in their twenties, and 15 days every five. Swiss workers are entitled to five weeks vacation per year.

For senior managers who are over 50 and have at least 10 years service, they can opt for a two- or three month sabbatical with reduced salaries.

“We view our conditions of employment as a conscious and strategic investment that pays off not only for our employees, but also for the bank and our clients,” said Claude Täschler, head of human resources for Credit Suisse Switzerland.

We are proud to promote diversity and include people from different backgrounds and have great success because of this.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.