New regulations that will extend the statutory period of parental leave available within the European Union (EU) have been agreed by ministers.

Under the proposals, each parent will be entitled to a minimum of four months regardless of the type of contract they have and they can transfer months between one another.

This extends the amount of leave allowed by one-quarter from a previous level of three months and is available to both birth and adoptive mothers and fathers in a bid to increase work-life balance and provide men with a greater role in raising children.

"The new directive seeks to better match professional and family life and to promote gender equality on the labor market," a statement from the EU Council read.

Current levels of parental leave vary significantly across Europe and the EU plans will require a number of member states to alter their national laws to accommodate the changes.

Member states will have two years to introduce the legislation into their national employment regulations and the ruling is effective from March 8th.