Home Finance JPMorgan to cover U.S. staff travel costs for out-of-state abortions -memo

JPMorgan to cover U.S. staff travel costs for out-of-state abortions -memo

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Abortion rights demonstrator reacts outdoors america Supreme Court docket because the court docket guidelines within the Dobbs v Ladies’s Well being Group abortion case, overturning the landmark Roe v Wade abortion determination in Washington, U.S., June 24, 2022. REUTERS/Evelyn Hockstein

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NEW YORK, June 24 (Reuters) – America’s largest financial institution, JPMorgan Chase & Co (JPM.N), will cowl bills for U.S.-based workers who must journey removed from residence to get a medical service, together with “authorized abortions,” based on a employees memo the financial institution despatched earlier this month and seen by Reuters on Friday.

The memo, dated June 1, was first reported by CNBC minutes after the U.S. Supreme Court docket took the dramatic step of overturning the landmark 1973 Roe v. Wade ruling that acknowledged a girl’s constitutional proper to an abortion. learn extra

“We’re centered on the well being and well-being of our workers, and need to guarantee equitable entry to all advantages,” stated a financial institution spokeswoman on Friday.

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JPMorgan is one in all a rising variety of large firms, together with Citigroup (C.N), Amazon.com (AMZN.O) and Tesla Inc (TSLA.O), that rolled out insurance policies to make sure employees have entry to abortion companies, in anticipation of Friday’s ruling. learn extra The Walt Disney Co (DIS.N) made an identical announcement on Friday. learn extra

By erasing abortion as a constitutional proper, the ruling restores the flexibility of states to move legal guidelines prohibiting it. Twenty-six states are seen as both sure or doubtless now to ban abortion.

Citi was the primary main U.S. financial institution in March to reveal it might cowl journey bills for workers who exit of state for abortions following extreme new restrictions in Texas and different states. learn extra A spokeswoman for the financial institution declined to touch upon Friday.

Goldman Sachs Group Inc (GS.N) was reviewing its coverage, based on an individual near the financial institution who spoke in early Might. It was unclear on Friday if that was nonetheless the case. A Goldman spokesperson didn’t reply to requests for remark.

Deutsche Financial institution AG (DBKGn.DE) stated on Friday it was updating its healthcare coverage to cowl any therapy not out there inside 100 miles (161 km) of an worker’s residence, together with abortions.

The nation’s different main lenders – Financial institution of America (BAC.N), Wells Fargo (WFC.N) and Morgan Stanley (MS.N) – didn’t reply to requests for remark, whereas AIG (AIG.N), the nation’s largest insurer, declined to remark.

Such insurance policies danger the ire of federal and state Republican lawmakers, who say the advantages are tantamount to firms taking political sides. However Citigroup and JPMorgan stated paying for out of state care is in step with their long-established healthcare protection insurance policies.

“This profit is not supposed to be an announcement a couple of very delicate difficulty,” Citi’s Chief Govt Jane Fraser stated in response to investor questions in regards to the coverage in April.

“We have coated reproductive healthcare advantages for over 20 years, and our observe has additionally been to verify our workers have the identical well being protection irrespective of the place within the U.S. they reside.”

JPMorgan stated the brand new coverage begins subsequent month, and that workers can used paid break day for days spent touring for the process.

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Reporting by Elizabeth Dilts Marshall, Modifying by Mark Porter, Michelle Value and Invoice Berkrot

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