The New York-based accounting and advisory firm Marks Paneth LLP has expanded its benefits package to provide paid parental leave firm-wide.
The policy takes effect in the New Year, giving new mothers and fathers, including adoptive parents of kids under 18 years of age, the ability to get up to six weeks of paid family leave to take care of their new children.
Marks Paneth is joining several of the largest accounting firms in offering paid parental leave as the competition for talent heats up. In April, Ernst & Young increased paid parental leave to 16 weeks (see EY Increases Paid Parental Leave to 16 Weeks). Deloitte and BDO have also won plaudits from Working Mother magazine’s 100 Best Companies list for offering similar benefits (see BDO, Deloitte, EY among Working Mother's '100 Best Companies' of 2015).
At Marks Paneth, the paid parental leave benefit will be available to primary caregivers who have the main responsibility for the custody, care and control of the child immediately following birth or adoption, as well as to non-primary caregivers once an employee has completed a full-year of employment.
“We strive to empower our employees with an environment conducive to professional and personal fulfillment,” said Marks Paneth HR director Steven Sacks in a statement Thursday. “We believe the addition of this parental leave program to our employee benefits package will better enable our professionals to actively participate in this very important part of their children’s lives.”