Standard Chartered announced global medical coverage for menopause-related symptoms for all employees and their spouses as additional medical benefits.
More than two-thirds of employees will be covered by November of this year. Furthermore, the deployment is expected to be completed by April 2024.
Standard Chartered acknowledges that every woman goes through the menopause differently, Therefore, if not handled promptly, it might have a detrimental impact on involvement in the workplace. As a result, the medical coverage will cover specialist treatments and prescription drugs.
The bank recognises the need to openly, positively, and respectfully discuss menopause and normalise conversations around it in the workplace. This is to raise awareness and improve assistance for those needing it. Introducing toolkits, discussion starters, counselling help, e-learning, and internal events are all part of this. Additionally, for those who are going through menopause , they are offered flexible scheduling options and workplace modifications. This is to better assist them in managing their symptoms.
This is to provide a more accepting and pleasant workplace for everyone to prioritise their health and fitness.
The statement claimed that around 7% of the Bank’s workers are women nearing menopause. This usually occurs between the ages of 45 and 55 which coincides with the time when they may take senior leadership posts.
Furthermore, the intensity of their symptoms may make thrm hesitant to apply for career promotions. In a study conducted by the Bank and the Financial Services Skills Commission to investigate the impact of menopause on women, over a quarter claimed they were more inclined to leave their employment before retirement.
Menopause can negatively affect women’s careers in terms of retention and advancement if it is not managed proactively.
Recent changes to parental leave benefits and the expansion of our medical benefits to cover treatment of menopause-related symptoms show our commitment to building an inclusive environment. This is to ensure that everyone can thrive while increasing the participation of women and other underrepresented groups in our workforce.
We’ll keep looking for new chances to promote inclusivity and solidify our status as a top employer.
Standard Chartered is a member of the Menopause Friendly Employer group as well as a signatory to the Wellbeing of Women’s Menopause Workplace Pledge.
