Credit Suisse Extends Vacation Allowance for Swiss Staff


Zurich — Credit Suisse extends childcare and vacation leave, allowing senior management to take sabbatical under new rules for Swiss staff to come into effect next year, said Switzerland’s second largest bank Said on Monday.

“Supporting parents who are raising children and encouraging staff to take regular breaks is a priority of Credit Suisse,” Credit Suisse said in a statement. The need for a typical break is mentioned.

This move occurs when banks consider whether traditional working conditions are still appropriate to attract a more diverse workforce.

The primary caregiver’s paternity or adoption leave is 26 weeks, while the secondary caregiver’s paternity or adoption leave is extended from the current 12 days to 6 weeks.

If parents work in Credit Suisse, they can split the selected 10-week parental leave after the 16th week of maternity leave or over the entire leave period for adoption.

With management approval, both types of leave can be taken in the form of part-time work within a year of birth or adoption.

Banks also give long-time staff additional holidays. After 5 years, staff will be able to take another 5 days of paid leave, 10 days after 10 years, and 15 days every 5 years thereafter. Swiss workers usually get five weeks off a year.

Senior managers who are 50 years of age or older and have worked for more than 10 years can also get a 2-3 month sabbatical with a reduced salary.

Claude Teshler, Head of Human Resources at Credit Suisse Switzerland, said:

“Promoting diversity and including people with different views and needs is the basis of our success.”