Companies like Facebook have spent the last few years beefing up their parental-leave policies to attract and retain the most sought-after workers. Now they're looking at new ways to help them balance work and life.

Up next in the benefits arms race: helping workers deal with sickness and death.

With its latest update to its paid-leave policy, Facebook has upgraded employee benefits dealing with illness and death in the family — rare but increasingly sought-after offerings, especially as millennials, now the largest share of the work force, begin caring for their aging boomer parents.

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