HSBC adds surrogacy, gender affirmation coverage to benefits for Canadian employees

HSBC has announced some exciting enhancements and additions to its benefits coverage for Canadian employees.

The bank has updated its family-building benefits to include fertility treatment, surrogacy, and gender affirmation.

HSBC has also boosted its fertility drug coverage, adoption benefits, and parental benefits as part of the update, the bank announced Wednesday.

HSBC introduces new fertility treatment, surrogacy and gender affirmation benefits plus enhancements to fertility drug coverage, adoption and parental benefitshttps://t.co/mG6xwMR1qq #DiversityAndInclusion #HSBC

— HSBC Canada (@HSBC_CA) August 10, 2022

HSBC’s Executive Vice President and Head of Human Resources Kim Toews said that gender affirmation benefits are a big step for HSBC Canada.

“Not only are we doing the right thing by supporting our trans employees, this also makes good business sense as we look to attract a diverse spectrum of employees to HSBC.”

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Here’s all the new stuff and increased HSBC benefits Canadian staffers, especially those with families, can take advantage of:

Surrogacy Medical Benefit

Up to a maximum $30,000 per lifetime for eligible surrogacy medical expenses incurred by a surrogate, on their behalf.

Fertility Treatments

Up to a maximum of $20,000 per lifetime for eligible fertility treatment expenses.

Gender Affirmation Benefit

This benefit is intended to help gender diverse employees embody their authentic selves, providing additional financial support of $10,000 per year with a $50,000 lifetime limit for those treatments that are not covered by the provincial health programs.

Adoption

Up to $10,000 per child towards the cost of adopting a child.

Fertility drug coverage

Eligible drug expense claim up to $5,000 per year.

Parental Top-Up Plan

If both parents work for HSBC Canada, maternity or parental top-up will be provided for both employees.