Monzo is only one of the few UK companies that offer paid leave for their employees who experienced the loss of a pregnancy.
Monzo also offers eight days of flexible paid leave to their workers that are undergoing fertility treatments, diagnosis or consultations.
“This also includes colleagues who are partners or surrogate mothers, recognizing that pregnancy loss doesn’t just affect women or heterosexual couples,” the bank said.
Considering the UK employment law, businesses are currently obliged to allow parents to use planned maternity or paternity leave if they lose their baby after 24 weeks when it is considered a stillbirth.
“People have been wanting for a long time for more understanding, and recognition of, the impact that that miscarriage or pregnancy loss can have, whether it’s miscarriage, or ectopic pregnancy, or molar pregnancy, or termination for whatever reason,” said Ruth Bender Atik, the national director of the Miscarriage Association.
“The fewer rules and regulations around who qualifies and who doesn’t, the better it will be,” she added.
Monzo’s head of HR, Tara Mansfield, mentioned that the bank also tried to include people who decided to terminate their pregnancy. “People need time to recover,” she said.
Monzo’s policy is therefore going to give either partner up to 10 extra days of paid leave if they lose a baby due to abortion, miscarriage or stillbirth.
The company has reached a combined total of 135,000 customers for its two premium bank account options since their launch in 2020. This way, the challenger bank seeks a way to profitability after losses and decrease of valuation of the company during the funding.
CEO of Monzo TS Anil told Sunday Times, that the two premium offerings have both hit this milestone, while Monzo’s business accounts, which launched in March 2020 and offer a £5/month Pro version, have now reached 80,000 accounts.