HSBC has gone the extra mile to help its women employees in India by reforming its childcare benefit policy. Last month, it raised the maximum age limit of children who get the support of daycare reimbursement from two to six years. A fixed monthly childcare allowance of Rs 10,000 was also announced for returning mothers who forgo daycare reimbursement.
HSBC said it is the only bank to offer a fixed monthly childcare allowance for returning mothers.
According to a report in The Economic Times, daycare expenses on actuals incurred by female employees would be eligible for reimbursement until the child attains the age of six. The amount for the reimbursement has been fixed at up to Rs 18,000 per month in Mumbai, Rs 13,500 per month in the National Capital Region, Bengaluru, and Pune, and up to Rs 10,000 per month in other cities. The benefit can be availed every quarter by the female employees until the child reaches six. If an employee has twins or more than one child under the age of six, she can avail of the benefit for each child.
HR head of HSBC, Vikram Tandon, pointed out that with this policy, the organisation has enhanced its support for women employees so that they can maintain a balance between work life and motherhood. The policy also provides working mothers the freedom to pick the best among various childcare options for an extended period, Tandon added.