Deutsche Bank ups benefits to retain Middle East staff

Deutsche Bank has raised the parental leave entitlement in its Middle East and Africa regional offices in a bid to offer attractive benefits to employees in an increasingly competitive environment.

The new policy, effective since the start of the year, gives primary caregivers of newborns or newly-adopted children up to 26 weeks of fully-paid leave, the bank said in a statement on Tuesday.

It also offers up to two weeks of fully-paid paternal leave, while employees who have suffered a miscarriage are entitled to paid leave as well.

Deutsche Bank has more than 500 employees in 14 offices across the region, and Dubai is its regional hub and biggest office by number of employees.

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The bank is one of several global financial institutions which have benefited from a swift post-pandemic economic rebound in the UAE, as businesses flocked to the Gulf state for its attractive tax policies and ease of going business.

But companies have also faced increasing competition to attract a skilled workforce.

Under UAE law, the standard leave for private sector female employees is 60 days, and five working days for paternal leave.