(Reuters) – Goldman Sachs Group Inc on Monday introduced a slew of benefits for its employees, as it attempts to ease the strain on its workers and woo talent.
The bank is increasing its retirement fund, matching contributions for U.S. employees to 6% of total compensation, a jump of 2%, according to a person familiar with the matter.
Goldman will also contribute 8% of total compensation for employees making $125,000 a year or less, the person said, adding the bank was eliminating the one-year waiting period before matching employee contributions for new recruits.
Employees will be eligible for a paid leave of 20 days each for the loss of an immediate family member or in case of a miscarriage, the source said.
“We’re focused on delivering energy optimization, resilience, and mental health programs that support our people in caring for themselves and their families,” Bentley de Beyer, the bank’s global head of human capital management, said in an e-mailed statement in response to Reuters’ request for comment.
The Wall Street Journal first reported the news, citing details from a company memo.
In February, a group of junior bankers in Goldman’s investment bank told senior management they were working nearly 100 hours a week and sleeping 5 hours a night to keep up with an over-the-top workload and “unrealistic deadlines”.
In response to the complaints, Goldman Chief Executive Officer David Solomon had said management was going to work harder to give them Saturdays off and to shift bankers from other divisions to the busiest teams in the investment bank.
(Reporting by Niket Nishant in Bengaluru; Editing by Anil D’Silva)