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Goldman Sachs Announces Major Benefit Schemes To Retain Employees

US banking giant Goldman Sachs Group Inc. (GS) on Monday announced several worker benefit schemes, in order to improve its working environment.

The new benefits include paid leave for miscarriage as well as raising paid leave entitlement when an immediate family member passes away and a six-week sabbatical for long-tenured employees.

The company will also raise its retirement matching contributions for U.S. employees to 6% of total compensation, up from the earlier 4%, and add 8% of total compensation for employees earning $125,000 or less. In these cases, there is no need for the employees to contribute the first 2%. And following employee feedback, the bank said that it is canceling the one-year waiting period for firm contributions for new employees.

The bank said that employees with 15 years or more of service can take six weeks of unpaid leave for a sabbatical, with an added two weeks for every five years of service at the firm then on. On a worldwide basis, around 4,000 employees can avail the benefits of this program.

Commenting on the employee benefit schemes, Goldman Sachs global head of human capital management Bentley de Beyer, said, "We're focused on delivering energy optimization, resilience, and mental health programs that support our people in caring for themselves and their families.".

The enhancements are the most important additions to Goldman Sachs employee benefits since the introduction of Pathways to Parenthood in 2019, according to a source.

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