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Elon Musk plans to ‘significantly’ increase childcare benefits at his firms

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HIGHLIGHTS :

  • Elon Musk said his companies will soon “significantly” expand their childcare benefits.
  • He also said his foundation will make direct donations to families to support children
  • The Tesla CEO had claimed he’s doing his “best to help the underpopulation crisis.”

Elon Musk said his companies will soon “significantly” expand their childcare benefits.

Elon Musk remains in the spotlight. Sure, he is revered for his contribution to the world of technology, but his popularity goes beyond that. And for different reasons. The latest ones: his newfound fatherhood to two children from one of his company employees and the killing of the Twitter deal. While it is hard to tell which one got people talking more. But Musk himself addressed the news about his new fatherhood and that led to a myriad of opinions about things, including the treatment of employees. To, sort of, quell them, Musk has now announced increased childcare benefits for employees of all his companies.

Billionaire Elon Musk, the chief executive officer at Tesla Inc. and SpaceX, said Friday that he plans to increase child-care benefits at his companies “significantly.”

“Hopefully, other companies do the same,” he said on Twitter. The executive also said Musk Foundation, which makes private grants, “plans to donate directly to families.”

He also said his foundation will make direct donations to families to support children

“Kids are worth it if at all possible,” Musk writes. “I’m planning to increase childcare benefits at my companies significantly. Hopefully, other companies do the same.” Musk’s statement comes in response to a tweet asking about the financial implications of having several kids, a thread that Nick Cannon, who also has a growing family, even chimed in on. Musk adds that the Musk Foundation will “donate directly to families” as well, but it’s unclear what exactly this means. Musk says he’ll share more details about these plans next month.

The Tesla CEO had claimed he’s doing his “best to help the underpopulation crisis.”

Tesla’s employee benefits include 16 weeks of paid family leave, according to its impact report. That compares with up to 24 weeks of paid parental leave at Alphabet Inc’s (GOOGL.O) Google, which has long been known as a global trailblazer in workplace benefits.

Tesla lags behind other U.S. tech companies and U.S. automakers in terms of the representation of women, according to the impact report.

Women held 17% of Tesla’s U.S. leadership positions, defined as directors and vice presidents, according to Tesla’s 2020 diversity report. Women made up about 22% of executives at other S&P 500 companies, according to a 2020 report published by researcher Equileap.

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