The UK bank HSBC confirmed that they will pay for their trans employee’s gender-affirming healthcare. The banks says they are trying to encourage their workers to be themselves.

HSBC to Pay for Gender-Affirming Treatment

HSBC announced that they will pay for their trans staff members’ gender-affirming treatment. This promise titled the ‘gender dysphoria benefit’ will come into action on January 1st 2023. HSBC stated that they want to support their workers through their gender journeys. This includes encouraging trans and non-binary workers to truly be themselves – an incredible win for HSBC’s trans personnel. Earlier this year, the bank NatWest also declared that they will pay for their trans staff to receive hormone treatment.

HSBC said that ‘by providing access to gender affirmation treatment, we hope that our trans and non-binary colleagues and their dependents are able to be their true authentic self’. This 2023 initiative will allow all their staff members, their partners and children between the ages of 18 and 21 to apply for their gender-affirming surgeries to be paid for. Mental health treatments, diagnosis, hormone consultations, hair removal, and other forms of therapy such as speech therapy, will be paid by HSBC as well.

In 2017, HSBC stated that they did not require any sort of proof from their customers for them to change their gender identity on their bank account. They introduced 10 new gender-neutral pronouns to help trans and non-binary customers feel seen and identified correctly. The new pronouns are: Mx, Ind, M, Mre, Msr, Myr, Pr, Sai, Ser or Misc. Earlier in 2022, the bank also confirmed that they would cease collecting their customer’s gender data.

Commitment to Diversity and Inclusion

A spokesperson for HSBC told PinkNews that the bank’s diversity is a ‘defining feature of who we are and how we operate’. Furthermore, they are an active supporter of customers and team members from ‘across the broad spectrum of diversity of sexuality and gender identity’.

In 2022, Halifax bank had announced that they would allow their staff members to wear badges with their pronouns. Some ignorant and bigoted people criticised both Halifax and HSBC for their inclusive policies. However, it is exactly these forward thinking policies that allow for trans people to feel safe and welcomed. In return, it will invite a community of customers who are happy to store their money with more inclusive organisations.

The issue of the ‘trans tax’ is one that is often discussed. Trans people should not be forced to pay in order to be who they are. Therefore, HSBC’s decision to pay for their trans employee’s gender-affirming treatment is a huge step in the right direction. HSBC allows their workers to actually be themselves, living up to their promises of inclusion.