US media is reporting that investment bank J P Morgan Chase and Co is to expand its fertility benefits for employees
The bank has sent a letter to each of its employees outlining its new policy, which will primarily improve access to fertility treatment for LGBT employees.
CNBC obtained a copy of the memo and has said the move means that employees without an infertility diagnosis can access up to $30,000 of treatments, including IVF. It also said it would reimburse costs relating to surrogacy to $30,000 from $10,000.
The bank said in a letter to all employees, which was signed by HR chief Robin Leopold and general counsel Stacey Friedman: “We recognise there are many pathways to building a family and we’re making it easier to follow them.”
The decision to expand the policy was made after an employee questioned the internal LGBT council, according to spokesman Joe Evangelisti, according to CNBC.
The bank’s medical plan already covers any employee who is deemed infertile and any employee who adopts can benefit from $10,000 per child for related fees.
It is hoped that other financial institutions will now follow suit and expand their fertility benefits for LGBT employees
Other companies that offer fertility benefits to employees include Spotify, Facebook, Uver and eBay.
IVF babble approached J P Morgan for a comment and are awaiting a response.