One hundred and thirty eight pounds a week. That’s an annual salary of £7,000 a year.
That’s what you get on extended paternity leave. That’s the statutory rate anyway, and unlike statutory maternity leave almost no companies pay more than this (none that I can find anyway).
I’ve been very lucky that my company have let me take these three months off, and they’ve been very supportive through the whole thing. I’m not exactly coining it in, but I can tell you I do earn more than £7,000 a year. So this drop in salary has been difficult but not impossible to deal with, through a combination of savings, shopping at Aldi and an overdraft facility. Probably not the greatest financial advice, but it’s definitely the best money I ever spent (or borrowed).
I do think that the financial cost will put men off taking paternity leave and that’s a shame. I really don’t see maternity/paternity leave evening up until similar terms are offered to men and women. That is potentially a big cost to business so I’m not sure how this will work. Do you?