HSBC Ups Employee Childcare Benefits in India
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HSBC’s India arm has upgraded its female employee benefits, allowing reimbursement for daycare costs for their children up to the age of six.
This marks an increase in the maximum age of a child from the previous two years old. For those seeking daycare reimbursement, each child is entitled per month to Rs 18,000 ($250) in Mumbai; $190 in National Capital Region, Bengaluru and Pune; and $141 in other cities.
Mothers that do not wish for daycare reimbursement can receive a fixed $141 per month and HSBC claims to be the sole provider of such benefits.
«With this policy, we have gone a step further to empower our women employees so that they can balance work life and motherhood better,» said Vikram Tandon, head human resources, HSBC India. This policy provides our working mothers the flexibility to choose the best from multiple childcare options for an extended time period.
Questions & Answers
Q.What was the previous maximum age for children whose daycare costs could be reimbursed?
What was the previous maximum age for children whose daycare costs could be reimbursed?
The previous maximum age for a child to be eligible for daycare cost reimbursement was two years old. HSBC has now increased this, allowing reimbursement for children up to the age of six.
Q.How much can mothers receive if they opt not to claim daycare reimbursement?
How much can mothers receive if they opt not to claim daycare reimbursement?
Mothers who choose not to claim daycare reimbursement can receive a fixed amount of $141 per month. HSBC states it is the only provider offering this specific benefit.
Q.Is the reimbursement amount for daycare costs the same across all Indian cities?
Is the reimbursement amount for daycare costs the same across all Indian cities?
No, the reimbursement amount varies by city. In Mumbai, it is Rs 18,000 ($250), while in the National Capital Region, Bengaluru, and Pune it is $190. Other cities receive $141.
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