Deutsche Bank UK is to give its employees an extra week of annual leave, having raised its holiday allowance from 25 to 30 days, in a bid to improve work-life balance.
These changes will take effect from April according to Business Insider, which claims to have seen an internal memo sent by UK CEO Garth Ritchie.
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Under the new rules, employees could potentially have up to 40 days of holiday. Deutsche Bank currently allows employees to carry over five days of holiday from the previous year. Likewise, they also have the option to purchase an additional five days.
Deutsche Bank is increasing annual leave as a way to help their employees to “achieve a good work/life balance”.
The move comes as the German bank begins trimming its payroll, with staff in London already hit by cuts.
The decision to offer 30 days of annual leave puts Deutsche Bank well above the UK minimum. That is assuming that bank holidays have already been taken out of that total.
Under current law, full-time workers must be given at least 28 days of holiday each calendar year. As employers can take bank holidays out of this allowance, employees have 20 days to take when they please.
The average UK employee took 27 days of paid holiday days in 2015 YouGov data showed.
How does this compare around the world?
Deutsche Bank’s UK workers will be entitled to the same amount of holiday days as workers in Kuwait.
Recent law changes saw Kuwait become the best country for minimum annual leave, with all workers receiving 30 days. This is excluding public holidays, which takes their total amount of time off to 43 days.
Workers in Cambodia (42), Azerbaijan (40) and Georgia (39) all receive more than the 38 paid holiday days Deutsche Bank employees will receive. This is due to a larger number of public holidays throughout the year.
However, while their number of statutory days are lower (not including public holidays), workers in Germany and Denmark also tend to take more than the 28 days the UK employees receive.
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According to the Organisation for Economic Co-operation and Development (OECD), while their minimum number of holiday days are 25 and 20 respectively, employers offer workers 30 days on average.
In the US, aside from the ten national holidays, employers have no obligation to offer their employees annual leave.
According to the Bureau of Labor Statistics, Americans tend to take an average of eight paid days off each year.
Minimum annual leave in OECD countries