HSBC announces enhances benefits for Canadian employees

The global banking firm is helping its Canadian workforce with family-building enhancements to its benefits package

HSBC announces enhances benefits for Canadian employees
Steve Randall

HSBC Canada employees will have access to a range of newly-announced benefits to help them build their families.

The global firm is offering its team new coverage for fertility treatments, surrogacy and gender-affirmation.

“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,” explained Kim Toews, EVP and head of human resources.

The benefits include up to a maximum $30,000 per lifetime for eligible surrogacy medical expenses incurred by a surrogate, on their behalf; and up to a maximum of $20,000 per lifetime for eligible fertility treatment expenses.

HSBC Canada’s new Gender Affirmation Benefit will provide 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.

Offering this new support for trans colleagues is a big step forward for the firm.

“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,” added Toews.

Boost for existing benefits

HSBC Canada is also enhancing existing benefits including up to $10,000 per child towards the cost of adopting a child; and eligible drug expense claim up to $5,000 per year for fertility treatment.

There will also be a maternity or parental top-up provided for both parents if they are both HSBC Canada employees.