{"id":3143,"date":"2021-11-29T16:39:53","date_gmt":"2021-11-29T08:39:53","guid":{"rendered":"https:\/\/www.pacificprime.hk\/blog\/?p=3143"},"modified":"2021-11-29T16:50:05","modified_gmt":"2021-11-29T08:50:05","slug":"how-to-financially-prepare-for-maternity-leave","status":"publish","type":"post","link":"https:\/\/www.pacificprime.hk\/blog\/how-to-financially-prepare-for-maternity-leave\/","title":{"rendered":"How to financially prepare for maternity leave"},"content":{"rendered":"

If you\u2019re a career woman hoping to welcome a little one in Hong Kong, you\u2019ll be glad to know that you\u2019re entitled to 14 weeks of <\/span>maternity leave benefits<\/span><\/a>. This statutory requirement has been extended from 10 weeks to 14 weeks under the Employment (Amendment) Ordinance 2020\u00a0 and maintains the current rate of maternity leave pay at four-fifths of your average daily wages, subject to a cap of HKD $80,000.\u00a0<\/span><\/p>\n

But alas, maternity leave pay alone may not cover the entirety of the costs associated with the arrival of your bundle of joy. Whether it\u2019s giving birth, medical care for you and your newborn, babyproofing your home, or buying other baby-related items, there is money to be spent every step of the way. So if you\u2019re in a bit of a pickle regarding your finances, this <\/span>Pacific Prime Hong Kong<\/span><\/a> gives you some financial planning tips for maternity leave.\u00a0<\/span><\/p>\n

\n

\"Health<\/a><\/p><\/div>\n<\/span><\/p>\n

1. Negotiate for better maternity benefits from your employer<\/span><\/h2>\n

While employers based in Hong Kong must provide maternity leave, many go beyond statutory requirements. As such, get your coworkers on board to advocate for you and head to the negotiating table with a clear picture of what you\u2019d like. This may be more time off, more pay, or other accommodations. You can also do your research to see what other companies (especially your company\u2019s competitors) are offering to increase your bargaining power.\u00a0<\/span><\/p>\n

But remember to focus on how better maternity benefits are a win-win. Explain how the benefits you\u2019re asking for will help the company attract and retain talented female employees, which will lower their turnover rate and costs associated with rehiring, as well as increase their profits via increased employee motivation and productivity. Moreover, go into the advantage of a diverse workforce.<\/span><\/p>\n

Further reading<\/strong>: Our <\/span>Global Employee Benefits Trends Report 2021<\/span><\/a> delves into why diversity, equity, and inclusivity goals are big on the corporate agenda, as well as how companies can align their benefits for an increasingly diverse workforce.\u00a0<\/span><\/p>\n

2. Calculate income loss, projected costs, and update your budget<\/span><\/h2>\n

Even if you get stellar maternity leave pay, chances are this won\u2019t be 100% of your pay. As such, calculate exactly how much income you\u2019ll be losing and for how long this will be the case. This means working out when you\u2019ll be heading back to work. If your work can be done from home and your employer has flexible working arrangements, you might be able to return to work sooner rather than later.\u00a0<\/span><\/p>\n

Additionally, you\u2019ll also need to calculate the costs associated with adding another member to your family and create a new budget based on this. When budgeting for maternity leave, here are some costs to consider:<\/span><\/p>\n