Vanguard Group made enhancements to its employee benefits programs, focusing more on parental leave, educational assistance, a new family care leave policy and an improved retirement plan and health-care coverage, spokeswoman Arianna Stefanoni Sherlock said.
As part of the new benefits, new parents will now be eligible for six weeks of fully paid time off, and mothers giving birth will be eligible for up to 16 weeks paid time off with an increased disability benefit. New parents through adoption and surrogacy will receive assistance with associated costs in addition to being eligible for equal time off.
Also, employees within five years of graduating from an undergraduate or graduate program can now take advantage of a new student loan repayment plan that provides a $100 per month payment to loan servicers for a six-year term. A revised academic assistance program offers more coverage and flexibility for employees and their children.
Vanguard’s new family care leave policy will give employees two weeks of fully paid leave per year to care for ill family members. Increased bereavement leave will also give employees five days and the flexibility they need following the death of a family member.
Retiring employees can now take fully paid COBRA health-care benefits that further extend their current medical care elections through the first three months of retirement. Additionally, a severance program for qualifying separations now offers financial assistance, COBRA health-care benefits and assistance for those seeking new roles.