TOKYO: Japan’s Sumitomo Mitsui Banking Corporation will require its employees to take at least one month of paternity leave starting from October.
This new policy aims to encourage greater participation in childcare and improve the overall working environment.
The major bank will also pay a 50,000 yen bonus to employees on parental leave and their colleagues if business operations remain stable.
These measures are part of a broader initiative to be fully adopted by the 2028 fiscal year.
The company stated it views childcare-related absences as an opportunity to strengthen team resilience.
Employees will be given adequate preparation time to ensure a smooth transition.
The bank announced these details in a press release dated September 19.
This policy follows the bank’s achievement of a 100% paternity leave acquisition rate in fiscal year 2023.
However, the average leave duration was only 12 days, well below the 30-day target.
The mandatory paternity leave applies to employees with children under two years old.
Sumitomo Mitsui’s goal is to eliminate gender stereotypes and normalise men taking childcare leave.
A growing number of Japanese companies are introducing similar colleague allowance schemes.
These payments are intended to encourage staff to take leave and reduce feelings of unfairness.
A recent government survey showed a record 40.5% of new fathers took paternity leave in 2024.
This figure remains significantly lower than the 86.6% of mothers who took maternity leave. – Bernama-Kyodo
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