The Canadian Imperial Bank of Commerce is adding gender affirmation coverage to its benefits program and enhancing existing offerings such as paid parental leave and fertility treatments.
The gender affirmation benefit will cover specific gender transition surgeries and procedures not covered by provincial programs to an annual maximum of $10,000 and a lifetime maximum of $25,000, according to a press release.
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“We recognize that team members are diverse and have unique needs and we are listening to them as we evolve and expand our benefits coverage,” said Jackie Goldman, senior vice-president of rewards, recognition and performance at CIBC, in a press release. “Our goal is to provide benefits that are inspired by our purpose and truly focused on supporting our team’s total well-being so they can achieve their ambitions.”
CIBC is also extending paid parental leave to 17 weeks for maternity, parental and adoption leaves in Canada, effective July 1, while the bank’s fertility benefits offering will now cover prescription medication and other treatments, as well as reimbursement for certain out-of-pocket medical expenses related to surrogacy.
The bank is also adding registered dieticians to its list of paramedical services to help employees optimize their well-being through professional nutrition advice, said the release.
Read: Feds’ proposed change to METC could expand workplace coverage of fertility services