Credit Suisse Extends Time-Off Benefits for Swiss Staff

By Reuters
Reuters
Reuters
September 27, 2021 Updated: September 27, 2021

ZURICH—Credit Suisse 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.

“Helping parents with childcare and encouraging staff to regularly take time off to rest are a priority for Credit Suisse,” it said in a statement, citing increasingly diverse family configurations and the need for regular breaks from work.

The move comes as banks consider whether traditional working conditions are still relevant as they look to attract a more diverse workforce.

Maternity or adoption leave for the primary caregiver will be 26 weeks, while paternity or adoption leave for the secondary caregiver will increase to six weeks from 12 days currently.

If both parents work at Credit Suisse, they can split 10 weeks of parental leave as they choose after the 16th week of maternity leave, or over the full leave period for adoptions.

If managers approve, both types of leave can be taken in the form of part-time work within a year of the birth or adoption.

The bank will also grant additional days off to longstanding staff. After five years, staff can take an extra five days of paid leave, rising to 10 days after 10 years, then 15 days every five years. Swiss workers typically get five weeks holiday a year.

Members of senior management who are at least 50 years old and with at least 10 years of service can also take a sabbatical of two or three months on a reduced salary.

“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.

“Promoting diversity and including people with different views and needs are fundamental to our success.”

Reuters