FinTech Australia has released an industry policy document offering guidance to fintechs on best practices for parental leave entitlements.
The policy document has been formed in consultation with leading fintechs on their policies, and has been made publicly available to provide a guideline for best practices across the industry.
“This is the first document of its kind to be produced by a peak body in Australia’s startup ecosystem. With the fintech industry growing at a rapid pace, we felt it was crucial to create a benchmark for early-stage companies to plan towards when hiring talent and scaling their business,” FinTech Australia CEO Rebecca Schot Guppy said.
“We also want to give talent joining the fintech ecosystem certainty that there are standards in place and dispel the idea that earlier stage companies can’t offer secure work and reasonable entitlements to their employees.”
The policy says employers should offer 12 week paid parental leave at full pay, including superannuation. Partners are entitled to two weeks parental leave at full pay.
In addition, the policy says employers should allow for 12 months unpaid carers leave without breaking employment following birth. Partners are entitled to eight weeks unpaid leave, and up to 12 months in total between partners if they are working with their partner in the same business.
The policy also says employers should provide employees with a $2000 return to work bonus for new parents. Employees that go through an unfortunate birth complication such as a miscarrage and stillbirth are also entitled to paid personal leave.
More details and the policy can be found on FinTech Australia’s website.
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