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Longman Dictionary of Contemporary English
parental leave
noun
EXAMPLES FROM CORPUS
▪ But is there no career penalty for men who choose parental leave?
▪ In February 1990, Sacramento became the first county in California to offer paid parental leave to its employees.
▪ It helped validate that parental leave was for both men and women and helped change the ratio of use.
▪ It prefers six weeks of state-funded parental leave.
▪ The roles of both parents should be underwritten by proper parental leave and by universal and trusted childcare.
▪ They have blocked directives on parental leave, on part-time workers and on maternity rights.
▪ We may have contributed to the improvement in the 1980s by changing the name from maternity / paternity leave to parental leave.
Wiktionary
parental leave

n. A leave of absence from a job for a parent to take care of a baby.

Wikipedia
Parental leave

Parental leave or family leave is an employee benefit available in almost all countries. The term "parental leave" generally includes maternity, paternity, and adoption leave. In some countries and jurisdictions, "family leave" also includes leave provided to care for ill family members. Often, the minimum benefits and eligibility requirements are stipulated by law.

Unpaid parental or family leave is provided when an employer is required to hold an employee's job while that employee is taking leave. Paid parental or family leave provides paid time off work to care for or make arrangements for the welfare of a child or dependent family member. The three most common models of funding are social insurance/social security (where employees, employers, or taxpayers in general contribute to a specific public fund), employer liability (where the employer must pay the employee for the length of leave), and mixed policies that combine both social security and employer liability.

Parental leave has been available as a legal right and/or governmental program for many years, in one form or another. In 2014, the International Labour Organization reviewed parental leave policies in 185 countries and territories, and found that all countries except Papua New Guinea have laws mandating some form of parental leave. The United States and Lesotho, while they do mandate unpaid parental leave, are the only other countries that do not require employers to provide paid time off for new parents.

Private employers sometimes provide either or both unpaid and paid parental leave outside of or in addition to any legal mandate.

Usage examples of "parental leave".

Hillary told me that most other advanced countries provided paid parental leave to all citizens, and we believed that other parents should have the same priceless opportunity we’.

Every officer had the right to take parental leave and come back to the same position, even if Baz had been sitting on those damn eggs for three months now.