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September 30, 2016

WEX joins 17% of businesses offering paternity leave

Expectant parents who work full time at South Portland-based WEX Inc. now have up to six weeks of fully paid parental leave for the adoption or birth of a child.

This benefit will be added to the company’s existing maternity leave allowance, which provides six to eight weeks of leave as short-term disability.

According to studies from Working Mother magazine and the Society for Human Resource Management, only 21% of American companies offer paid maternity leave, 17% include paid adoption leave and 17% offer paid paternity leave, meaning that the corporate payments solution firm is in a small percentage that offers the perk to its employees.

The effects on the finances of companies that offer paid parental leave are also minimal, according a California study by the Center for Economic and Policy Research, which found that 87% of businesses that implemented parental leave policies on a trial basis reported no impact on their bottom line. Also, 9% of those businesses said they saved money due to decreased employee turnover and other benefit payments.

“At WEX, we recognize that our success is dependent on the success of our employees, and, as a result, we view paid parental leave as an integral part of our ongoing commitment to support employee health and well-being,” Senior Vice President of Human Resources Jenifer Rinehart said in a statement. “Expanding our parental leave program allows us to continue to excel in the industry, while offering employees support and flexibility through this incredibly pivotal time.”

WEX isn't the only Maine company that has recently adopted paid paternity leave. Rob Snyer, president of the Rockland-based Island Institute, told Mainebiz in May why the company decided to begin offering the benefit. 


Read more

WEX enters agreement with leader of electronic billing for travel industry

Why the Island Institute decided to offer a 12-week paid parental leave

WEX completes acquisition of Electronic Funds Source

WEX inks deal with niche insurer

WEX tracking to become $1B company by year's end

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