Virgin Group Founder Richard Branson has announced the company will offer one year fully paid leave for new parents, male and female.

“This is a ground-breaking move from Virgin Management, which demonstrates that the health and wellbeing of our people is at our core,” Virgin Management CEO Josh Bayliss said.

“Having a child is a life-changing experience and this policy means our employees have the opportunity to enjoy time with their families and have a great career.”

Virgin workers had a fairly good deal already, with the company allowing parents to share leave in turns during the first year after the birth or adoption of a child.

The new policy extends this benefit to give all new parents, including fathers and adoptive parents, up to 100 per cent of their base salary.

But one parent cannot take a full year of paid leave alone; the time must be divided between parents.

Employees who have been with Virgin for less than two years will receive 25 per cent of their pay, with the full portion withheld for employees that have been with the company for at least four years.

“If you take care of your employees they will take care of your business,” Branson said in the statement.

“As a father and now a granddad to three wonderful grandchildren, I know how magical the first year of a child’s life is but also how much hard work it takes,” he said.

“I’m delighted that we can offer this support to our staff so that they can enjoy parental leave to the full as we continue to our work in changing business for good.”