This is extremely generous compared to the new system recently unveiled by the government, which gives new parents the option of splitting 50 weeks of parental leave between them.
Branson's policy applies to both men and women and includes parents who adopt.
However there are a couple of conditions attached to the offer. Only employees who have worked with Virgin for four years or more are entitled to paternity or maternity leave on full pay. Those who have worked for the company for less than four years will be paid a proportion of their pay, from 25 percent for less than two years' employment.
Additionally only those who work for Virgin Management, the investment and brand licensing branch of the international Virgin Group, are eligible which equates to around 140 people working at offices in London and Geneva.
In a statement on the Virgin website, Sir Richard said: "If you take care of your employees they will take care of your business. 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. 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 our work in changing business for good."
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