In a memo sent to employees – and seen by The Independent – the company outlined its new benefits and wellness programmes, with the aim of enabling everyone in their workforce “to better manage the commitment to their careers while starting, growing and supporting a family”.
The bank stated that new stipends for egg retrieval and egg donation have been introduced for prospective parents on its staff where permitted by law. Paying for egg donation is illegal in the UK, although egg donors can receive compensation of up to £750 per donation cycle, according to the Human Fertilisation and Embryology Authority (HFEA).
The new stipend for egg retrieval, a procedure that is part of the in vitro fertilisation (IVF) process, is $10,000 (£7,751), while the stipend for purchasing donated eggs is $20,000 (£15,497).
As part of Goldman Sachs’ new guidelines, the existing stipends for adoption and surrogacy have been increased to $10,000 (£7,751) and $20,000 (£15,497) respectively.
The firm has also announced that all new parents, “regardless of gender or caregiver status”, will receive the same amount of paid parental leave.
This will apply to staff members whether they have become new parents through birth, surrogacy or adoption.
“This new global parenting leave policy will be 20 weeks – an increase from 16 weeks in the US, Asia Pacific and a number of other locations around the world,” Goldman Sachs said.
The company added that in certain countries, parental leave may be longer than 20 weeks.
Furthermore, the firm is introducing four weeks' paid family care leave for employees across the globe should they need to look after a relative “due to a serious health condition, military deployment or foster placement”.
Goldman Sachs states that its new and updated policies may vary by country, such as in the UK, where parental leave is 26 weeks for all employees.
“These changes address feedback that was shared through the last People Survey and a more recent benefits-focused survey that many of you completed,” the memo stated.
“They also continue to position the firm as a leader by providing our people with best-in-class benefits that support a variety of family needs.”
The new changes came into effect on 1 November.
According to HFEA, the average cost of having eggs collected and frozen in the UK is £3,350, with an additional £500 to £1,500 going towards medication.
The cost of having eggs thawed and transferred to the womb costs an average of £2,500, the organisation outlines, with the whole process costing an average £7,000 to £8,000.
IVF is only offered on the NHS if certain criteria are met, the national health service states.