Virgin Management employees receive 12-month parental leave
Richard Branson announced the new policy and received much positive PR, but there’s a catch: It only applies to a small portion of the company’s workers.
The company’s CEO, Richard Branson, announced a new parental leave policy this week, which affords a year of shared parental leave with 100 percent compensation to male and female Virgin Management employees with four years of service.
The policy also extends to parents who adopt. Employees with fewer than four years of service are eligible to receive 25 percent of their salary.
“I know how magical the first year of a child’s life is but also how much hard work it takes,” Branson said in a post on Virgin.com. “I’m delighted that we can offer this support to our staff so that they can enjoy parental leave to the full as we continue our work in changing business for good.”
Of course, something that sounds too good to be true probably isn’t. And there is a catch.
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