KUALA LUMPUR, Oct 18 – In conjunction with World Menopause Day, Standard Chartered has announced a global rollout, including in Malaysia, of medical coverage for treatment of menopause-related symptoms to all employees and their partners, as part of their medical benefits.
While menopause transition is not a uniform experience, it can have a negative effect on participation in the workplace if not proactively managed, therefore, the Bank’s coverage will offer a range of options including access to specialised medical practitioners and prescription medication.
Standard Chartered recognises the need to talk openly, positively, and respectfully about menopause, and normalise conversations around it in the workplace.
As such, it has been taking action on a global level in recent years to increase awareness and provide better support. This includes introduced toolkits, conversation guides, and counselling support, as well as e-learning and internal events.
Employees experiencing the menopause are also well supported by flexible working policies and workplace adjustments to help them better manage their symptoms.
This is part of the bank’s efforts towards fostering a more inclusive and supportive workplace, where all employees know their health and wellbeing are priorities.
For many women, menopause transition occurs between the ages of 45 and 55, and coincides with the point at which they could attain senior leadership roles. In Standard Chartered, this represents around 7 per cent of employees.
Standard Chartered has partnered with the Financial Services Skills Commission (FSSC) in the United Kingdom to explore the impact that menopause has on women in the senior leadership talent pipeline.
Nearly half of the women surveyed were found to be less likely to apply for a promotion or take on additional responsibilities because of the severity of their symptoms, and a quarter said they were more likely to leave the workforce before retirement.
“We know that menopause can adversely impact women’s careers when it comes to retention and progression, especially if it’s not proactively managed.
“Our move to extend medical benefits for the treatment of menopause-related symptoms to all employees and their partners, in addition to our parental leave benefit enhancements, underscore our firm commitment to create a diverse, equitable and inclusive environment for all.
“It is also in line with our stand to lift the participation of women and other underrepresented groups in our workforce and the communities in which we operate,” said Mak Joon Nien, chief executive officer of Standard Chartered Malaysia.
Standard Chartered is a signatory of the Wellbeing of Women’s Menopause Workplace Pledge and a member of the Menopause Friendly Employer organisation.