Scotiabank (TSE: BNS) announced Tuesday that it will set a new global standard for inclusive parental leave in all countries where it does business by 2025.
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Scotiabank Improves Its Benefits Offer
This new parent leave policy provides eight weeks fully paid for all parents welcoming a new child, and an additional eight weeks fully paid for parents giving birth.
Employees working in Canada will also have access, starting April 1, to expanded coverage of family benefits, which now cover costs related to fertility treatments, adoption, and surrogacy.
For employees in Canada, improvements to the parental leave policy will come into effect in 2023 following recent updates in 2020, while they will be implemented starting this year in Trinidad and Tobago, The Bahamas, The Cayman Islands, and Turks and Caicos, among others.
The new standard will be in place by 2025 in 24 countries where the bank does business, including Chile, Colombia, Mexico, and Peru.
Also starting April 1, employees and their eligible dependents in Canada will receive C$10,000 in mental wellness services as part of their basic coverage.
This expanded coverage includes services like access to a clinical counselor or psychologist, internet-based cognitive behavioral therapy, among others.
Management Commentary
“At Scotiabank, we believe that providing parental leave for all parents enables our employees to focus on their family and personal wellbeing thereby bringing their best selves to the workplace,” said Dominic Cole-Morgan, Senior Vice President of Total Rewards.
Wall Street’s Take
Last week, Barclays analyst John Aiken maintained a Hold rating on BNS with a price target of C$96. This implies 6.6% upside potential.
The rest of the Street is bullish on BNS with a Strong Buy consensus rating based on six Buys and two Holds. The average Bank of Nova Scotia price target of C$94.14 implies 4.5% upside potential to current levels.
TipRanks’ Smart Score
BNS scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock returns are very likely to outperform the overall market.
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