HSBC Bank Canada is enhancing its benefits plan by adding new coverage for fertility treatments, surrogacy and gender affirmation.
The bank is introducing a surrogacy medical benefit up to a maximum of $30,000 per lifetime for eligible surrogacy medical expenses incurred by a surrogate and fertility treatments up to a maximum of $20,000 per lifetime for eligible expenses.
It’s also adding a gender affirmation benefit that provides additional financial support of $10,000 per year with a $50,000 lifetime limit for treatments that aren’t covered by provincial health programs.
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“These new and expanded benefits are part of our commitment to supporting a diverse and inclusive culture, where all employees feel they can be themselves at work and in their personal lives and are the result of our ongoing dialogue with employees around what benefits are most important to them,” said Kim Toews, executive vice-president and head of human resources, in a press release.
The bank is also increasing coverage for adoption — up to $10,000 per child toward the cost of adopting — and fertility drug coverage up to $5,000 per year. If both parents work for HSBC Canada, maternity or parental top-up will be provided for both employees.
In addition, the release noted HSBC has had a diverse and gender-balanced board and executive committee since 2013, with about 45 per cent of employees identifying as a visible minority.
Read: CIBC offering enhanced gender affirmation coverage, fertility benefits, paid parental leave