Global Employee benefits provider Unum is to provide its own staff with a boost should they wish to adopt.
The firm has offered staff the option of increased adoption assistance should they wish to undergo the adoption process. Starting this month, the company will provide employees who adopt a child a one-time benefit of $25,000 to help pay for the cost.
“Adoption is an important avenue to consider for people growing their families, but it can be expensive,” said Liz Ahmed, executive vice president of People and Communications. “Offering financial support to employees expanding their families is another way we can help working parents thrive.”
The average cost of adoption from foster care is $2,500. Private domestic and international adoptions average upwards of $43,000, according to Adoptive Families Magazine’s Adoption Cost and Timing Survey. These don’t include lost wages from work to bond with the child once adopted.
“This benefit may move the needle for people considering adoption and make it a possibility,” said Scott Hagie, who used Unum’s $5,000 adoption benefit in 2019 to welcome 2-year-old Charlotte into his family.
In 2018, Unum increased its infertility benefit to $25,000 for employees who have difficulty conceiving. It also introduced six weeks of paid parental leave for new parents after the birth, adoption, or foster of a child.