Media Release: Cigna Offers Market-Leading Staff Benefits Following OnePath Acquisition
Cigna New Zealand today announces it is proud to offer market-leading staff benefits including extending paid parental leave and increasing leave entitlements. The upgraded benefits will kick in from 30 November, when OnePath Life officially merges with Cigna New Zealand.
Cigna’s chief executive Gail Costa said: “The merger of our two companies is an ideal time to bring in these changes, which reflect Cigna’s commitment to creating a workplace where people can flourish professionally and personally.”
Under Cigna New Zealand’s new leave policy:
- Partners of new parents will be entitled to four weeks paid leave;
- Annual leave will be accumulated while on maternity leave;
- Cigna will pay 3% or 4% employer KiwiSaver contributions for the full 52 weeks maternity leave, as long as the employee has contributed for the 26 weeks paid leave;
- Additional long service leave will also be among the additional benefits.
Gail added: “We are committed to supporting our people through the early days of parenthood and upon their return to work. That’s why we’ve introduced a generous 26 weeks ‘top up’ leave on full pay, plus two weeks family leave, which can be taken before or after maternity leave. This is six more weeks than the government standard of 22 weeks, and an increase from Cigna’s previous 12 week offer.”
Cigna recognises staff are its most important asset. It embraces diversity and invests in employee learning, development and wellbeing. Cigna believes that happy and healthy staff lead to a better service for our customers.
In May 2018, Cigna agreed to purchase the OnePath business from ANZ. Cigna also entered into a 20-year strategic alliance to distribute life insurance to ANZ customers. Final regulatory approval was granted last week from the Reserve Bank of New Zealand and Overseas Investment Office for Cigna’s acquisition. The two companies combined will become New Zealand’s third largest life insurance player, with nearly 500 staff.
2018 marks Cigna’s 100th year of operation in New Zealand and the acquisition of OnePath reflects Cigna’s long-term commitment to the New Zealand market.
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