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Ep 279: Family Finance Essentials: Understanding Parental Leave for Medics

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Navigating Maternity, Paternity, and Shared Parental Leave for Medics In this episode of the Medics’ Money podcast, Cyra and Matthew delve into the complexities of family financial planning specific to healthcare professionals. They discuss various types of leave available for working parents in the medical field, including maternity, paternity, and shared parental leave. Cyra, a doctor and chartered accountant, offers an in-depth explanation of entitlements, occupational versus statutory leave, and the nuances of shared parental leave. The episode is a guide for medics to understand their rights and plan financially for family life. Topics include risk assessments, rights to pay rises, and annual leave accrual during parental leave.

00:00 Introduction to Financial Family Planning

00:24 Meet Cyra: Doctor and Chartered Accountant

01:55 Understanding Occupational Rights During Pregnancy

06:45 Navigating Maternity Leave

14:41 Statutory Maternity Leave and Pay

17:25 Understanding Maternity Allowance

18:00 Maternity Allowance for Self-Employed Individuals

19:42 Maximising Your Maternity Allowance

20:43 Maternity Pay for Salaried GPs

21:40 Recap of Maternity Pay Tiers

23:15 Introduction to Paternity Leave

24:25 Eligibility and Details of Paternity Leave

26:31 Adoption Leave Explained

28:10 Shared Parental Leave: An Overview

30:59 Maximising Shared Parental Leave Benefits 3

6:38 Conclusion and Next Steps

About the author

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Tommy

Dr Tommy Perkins is a GP Partner in Bognor on the South coast of England. He is passionate about providing the financial education that GPs need which is why he co-founded Medics’ Money with Ed. In his spare time he enjoys surfing with his young family. Dr Tommy Perkins BSc (Hons) MBChB MRCGP PGDipClinDerm

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