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This Day In Market History: San Francisco Mandates Paid Parental Leave

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This Day In Market History: San Francisco Mandates Paid Parental Leave

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.

What Happened

On this day in 2016, San Francisco became the first U.S. city to guarantee fully paid parental leave.

Where The Market Was

The S&P 500 closed down at $2,045.17, and the Dow Jones Industrial Average closed at $17,603.32.

What Else Was Going On In The World

The Panama Papers prompted the resignation of Iceland’s prime minister, and Paypal Holdings Inc (NASDAQ: PYPL) cancelled a $3.6-million investment in North Carolina in protest of the state’s new anti-gay legislation.

First Paid Parental Leave Policy Approved

The city of San Francisco led the nation in approving fully paid leave for new parents. Mothers and fathers receive six weeks regardless of whether they bore or adopted a child.

Ahead of this policy, the state of California guaranteed parents 55 percent of their pay for six weeks, all financed by the employees’ public disability insurance; San Francisco’s law required employers to make up the 45-percent difference, completing the paycheck.

The progressive policy was said to have had wide support — except from small businesses.

Since its enactment, a number of companies have updated their paid family leave policies, but the U.S. as a whole remains the only developed nation in the world not to mandate paid leave for mothers.

Related Links:

This Day In Market History: Dr. Martin Luther King Jr. Is Assassinated

This Day In Market History: Judge Rules Microsoft A Monopoly

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