Goldman Sachs introduces new employee benefits

GOLDMAN Sachs Group has introduced a slew of benefits for its employees, as it attempts to ease the strain on its workers and woo talent.

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The bank is increasing its retirement fund, matching contributions for US employees to 6 per cent of total compensation, a jump of 2 per cent, according to a source.

Goldman will also contribute 8 per cent of total compensation for employees making US$125,000 a year or less, the person said, adding the bank was eliminating the one-year waiting period before matching employee contributions for new recruits.

Employees will be eligible for a paid leave of 20 days each for the loss of an immediate family member or in case of a miscarriage, the source said.

“We’re focused on delivering energy optimisation, resilience, and mental health programmes that support our people in caring for themselves and their families,” Bentley de Beyer, the bank’s global head of human capital management, said.

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In February, a group of junior bankers in Goldman’s investment bank told senior management they were working nearly 100 hours a week and sleeping 5 hours a night to keep up with an over-the-top workload and “unrealistic deadlines”.

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