Eurobank CEO Fokion Karavias has sent a letter to the bank’s employees announcing its new “Motherhood | Not an obstacle. An asset” initiative.
At the heart of the initiative is a new pay benefit for working mothers: a 5% salary increase on the arrival of their first child and 10% on the arrival of their second, when they return to work after maternity leave.
The initiative is part of Eurobank’s broader efforts to support families and women’s career development.
Here is the letter from the bank’s CEO:
Dear colleagues,
You have often heard the phrase “we all belong to the Eurobank family”. It is not a figure of speech. The concept of family is a cornerstone of our Bank’s values. Equally important, however, is putting that priority into practice through actions that deliver tangible results. One such pioneering step is the new “Motherhood” initiative.
Having a child — or another child — is one of life’s most important decisions. This is true for everyone, but even more so for women, particularly working women. Alongside the responsibilities that come with the great joy of welcoming a new member into the family, women in work today will understandably consider the impact of this change not only on their personal lives but also on their careers. For a mother, returning to work marks the start of a new reality, in which personal and professional life must coexist on different terms. The transition can cause concern or even affect the decision to have a child or grow a family.
With this in mind, we are launching an innovative initiative with the central message: “Motherhood | It is not an obstacle. It is an asset.” Our commitment to supporting women’s career development is being put into practice through a new pay benefit: from now on, we will introduce a 5% salary increase on the arrival of a first child and 10% on the arrival of a second for women returning to work after maternity leave. Beyond its powerful symbolic value, this pay boost for our colleagues who are mothers helps offset any slowdown in their pay progression resulting from successive periods of postnatal and maternity leave. The one-off payments for colleagues with three children and those with larger families also remain in place, at €25,000 and €30,000 respectively.
But we are not stopping there. Returning to everyday working life on better terms is necessary, but not sufficient, for working mothers. It is equally important to preserve the prospect of career progression — not just higher pay — and ensure equal opportunities after having a child, through a comprehensive framework of support measures for new mothers returning to work.
Eurobank is committed to standing by each of us through the good times and the difficult moments in life. From the first day of life, a child of a Eurobank employee is part of our shared professional family. That is why our support is comprehensive and extends across every stage of parenthood: from the decision to have a child (with fertility treatment or adoption assistance), to birth (with a childbirth benefit and maternity or paternity leave), infancy (with an allowance for nursery fees or childcare at home), childhood (with parental leave and financial support), school (with awards for academic excellence) and the start of adult life (with benefits for students and a comprehensive savings plan for children), as well as the most comprehensive healthcare programme in the sector for the whole family.
Support for families within the Bank also includes many other benefits and is a natural part of the broader choice to make the family and the younger generation the main focus of Eurobank’s social engagement. The Bank’s initiative on the demographic challenge has been under way for five years, continually expanding its positive impact both inside and outside the Bank through new actions and partners as part of the “Forward for Family” programme.
What are we ultimately seeking to achieve? We want working conditions at Eurobank to set an example and a benchmark in the sensitive area of motherhood, supporting colleagues in their choice to become mothers and completing a people-centred professional framework. Put simply, women colleagues considering having a child should know that the Bank will not only stand by them and help them raise their child, but that their decision will not stand in the way of their development, ambitions or career prospects. For the Bank, “motherhood is not an obstacle; it is an asset”.
Fokion Karavias
Chief Executive Officer