Unum boosts parental leave, employee pay, adds $1 million to community giving

Managed Care Weekly Digest

By a News Reporter-Staff News Editor at Managed Care Weekly Digest -- On the heels of announcing record financial results for 2017, Unum (NYSE: UNM) said, in addition to the existing all-employee annual bonus program, it is investing in its people and communities with a new paid parental leave benefit for both mothers and fathers in the U.S.; enhancements to the compensation program so that all U.S. employees earn at least $15 an hour; and an additional $1 million in charitable contributions this year in support of the communities where Unum employees live and work (see also Unum Group).

With the new parental leave benefit, which will take effect later this year, eligible employees will have six weeks of paid leave to care for a newborn, or a child placed through adoption or foster care, at any time during the 12 months following birth, adoption or fostering.

"Paid parental leave allows parents to spend valuable time with children at a crucial point in their lives and can ease the transition back to work," McKenney said. "Importantly, it aligns with the leave benefits that we provide for many of our customers."

Additionally, Unum is enhancing its compensation program so that all employees earn at least $15 an hour across the U.S. The change will show up in paychecks on March 30.

"This recognizes the significant role that everyone at the company plays in delivering for our customers," added McKenney. "We strive to be the employer of choice in each of our communities."

Making an additional $1 million in charitable contributions in support of Unum's local communities advances one of the company's core beliefs - the critical importance of giving back to its communities through donations of time, talent, and financial support.

"These investments will allow us to have an even greater impact in our support of education and other initiatives that are important to our people and our communities," McKenney said.

Unum and its employees contributed more than $12.4 million to charitable organizations in 2016. ABOUT UNUM GROUP Unum Group (www.unum.com) is a leading provider of financial protection benefits in the United States and the United Kingdom. Its primary businesses are Unum US, Colonial Life, Starmount and Unum UK. Unum's portfolio includes disability, life, accident and critical illness, dental and vision coverage, which help protect millions of working people and their families in the event of an illness or injury. Unum also provides stop-loss coverage to help self-insured employers protect against unanticipated medical costs. The company reported revenues of $11 billion in 2016, and provided $6.9 billion in benefits.

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Keywords for this news article include: Business, Unum Group, Investment and Finance.