Canadian Imperial Bank of Commerce, Canada’s fifth-largest bank by assets, will cover some of the costs for employees’ gender-transition surgeries and related procedures not covered by government programs.
The move, which includes as much as C$10,000 ($7,783) a year to a lifetime maximum of C$25,000, was made to support transgender staff, the Toronto-based company said Thursday in a statement.
It also added more child-care support for eligible workers. Beginning July 1, paid maternity, parental and adoption leaves in Canada will be extended to 17 weeks. Primary and secondary caregivers in the U.S. will receive the same benefit.
“The wellbeing of our team has long been a cornerstone of CIBC’s culture and will remain essential as we look to the future,” Jackie Goldman, a CIBC senior vice president, said in the statement. “We recognize that team members are diverse and have unique needs, and we are listening to them as we evolve and expand our benefits coverage.”
