Goldman Sachs launches new employee benefits

© Reuters. On November 15, 2021, people walked into the Goldman Sachs global headquarters in Manhattan, New York, USA. REUTERS/Andrew Kelly

(Reuters)- Goldman Sachs Group The company (NYSE:) launched a series of benefits for its employees on Monday in an attempt to reduce the pressure on employees and attract talent.

According to people familiar with the matter, the bank is increasing its retirement fund to match the contribution ratio of US employees to 6% of total compensation, an increase of 2%.

The person familiar with the matter said that Goldman Sachs will also provide 8% of total compensation for employees whose annual income does not exceed $125,000, adding that the bank is canceling the one-year waiting period before matching employee contributions for new employees.

The source said that if employees lose their immediate family or have a miscarriage, they will be eligible for 20 days of paid leave per person.

“We are focused on providing energy optimization, resilience and mental health programs to support our employees in taking care of themselves and their families,” said Bentley de Beyer, the bank’s global head of human capital management, in an emailed statement. Responding to Reuters’ request for comment.

The Wall Street Journal first reported the news and cited details in the company’s memo.

In February of this year, a group of junior bankers at Goldman Sachs Investment Bank told senior management that they work nearly 100 hours a week and sleep 5 hours a night to keep up with the overloaded workload and “unrealistic deadlines.”

In response to these complaints, Goldman Sachs CEO David Solomon has said that management will work harder to let them rest on Saturday and transfer bankers from other departments to the busiest team of investment banks.

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