(Reuters) – Morgan Stanley The (NYSE) has increased parental leaves in a major overhaul to employee benefits aimed at easing strain on its employees, according an internal memo that was seen by Reuters Thursday.

The bank stated that parents, whether they are adoptive, foster, or adopted, would receive at most 16 weeks’ paid parental leave.

The memo stated that employees will also be entitled to six-to eight weeks’ medical leave following a pregnancies.

The bank announced that staff will have the option to take up to four weeks off work to provide care for family members with serious medical conditions.

Morgan Stanley will raise its employee 401(k), retirement plan contribution from 4% to 5%, except workers who receive a fixed contribution of 2% or more than $275,000.

All eligible staff are entitled to take 10% off on stock purchases at the bank.

The changes will be made, as detailed by Bloomberg News in its first report, throughout 2022.

Rival Goldman Sachs Group Inc (NYSE 🙂 has also announced a host of benefits last month for its workers, which include an increased contribution to the retirement plan for U.S. employees.