Key facts
- Wise has reduced its paid paternity leave from 18 weeks to eight weeks.
- The change has caused significant backlash among employees, known internally as 'Wisers'.
- Employees criticized the decision on internal channels, citing a disregard for employee well-being.
- The company's co-founder and CEO, Kristo Kaarman, previously took a three-month sabbatical for his newborn.
- Wise is also facing an investigation in Belgium concerning allegations of criminal activity through its accounts.
Money transfer firm Wise is experiencing significant staff discontent after reducing its paid paternity leave benefits from 18 weeks to eight weeks earlier this month. The move has sparked a fierce backlash from employees, referred to internally as 'Wisers', who have voiced their disappointment on internal communication channels. One employee criticized the company for prioritizing its financial position over employee well-being and family support. This decision comes despite Wise's co-founder and CEO, Kristo Kaarman, having taken a three-month sabbatical in 2023 to spend time with his newborn. A source close to the company noted that the new eight-week leave still exceeds the statutory requirement of two weeks in the UK. Additionally, Wise has expanded eligibility for the benefit to employees with six months of tenure, down from the previous one-year requirement. The company is also facing external scrutiny, as prosecutors in Belgium have opened an investigation into Wise over allegations that its accounts were used for criminal activity, reportedly involving transactions totaling approximately €500 million.