HSBC has enhanced its childcare benefit policy to help women employees in India. Last month, the British bank increased the maximum age limit of children supported for day-care reimbursement threefold to six years from two years. It also introduced a fixed monthly childcare allowance of Rs 10,000 for returning mothers who do not want day-care recompense.
The company said it is the only institution in the industry to introduce a fixed monthly childcare allowance for returning mothers.
Women employees can now claim reimbursement for day-care expenses on actuals until the child turns six. This is 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 compensation can be claimed on a quarterly basis until the child is six years old. In the case of twins or employees with more than one child under the age of six years, the benefit can be availed for each child.
“With this policy, we have gone a step further to empower our women employees so that they can balance work life and motherhood better. This policy provides our working mothers the flexibility to choose the best from multiple childcare options for an extended time period,” said Vikram Tandon, head-human resources, HSBC India.