SWEDISH automaker Volvo Cars is increasing paid parental leave for employees globally to 24 weeks regardless of gender, the company said Tuesday.

Employees — both hourly and salaried — who have been with the automaker for at least one year are eligible for the new “Family Bond” program, the company said.

It covers those who become parents through birth, adoption, permanent foster care and surrogates. Non-birth parents in same-sex couples are eligible as well. The program takes effect today, Volvo said.

Employees will be paid 80 percent of their base pay by default under the program. They can use the time off from work during the first three years of parenting a new child. U.S. employees also have the option of 19 weeks of fully paid parental leave within 36 months of becoming a parent, according to Volvo.

The new policy is meant to assist the company in talent acquisition and retention as it focuses on becoming an all-electric vehicle manufacturer by 2030, according to Volvo CEO Hakan Samuelsson.

(SD-Agencies)