Most banks pay up to eight weeks of maternity benefit at 100% of salary. If the bank has a large female employee pool it might make sense to spread the risk. Instead of self- insuring for the entire maternity leave, consider a Group Short Term Disability policy which would provide a 60% benefit and the employer would provide the remaining 40%.
EBN can provide a quick calculation considering a modest number of pregnancies each year, the average salary of employees and the STD offset to determine the savings. We can also provide a line-by-line contract comparison to audit existing coverage. Some policies will even provide benefits to the bank in the event a key person is out on claim. Protect your bottom line and employees paychecks.
For more information on this idea, please contact a consultant at Executive Benefits Network.