Intel Corporation (NASDAQ:INTC) Increases Fertility Benefits Four Times For Its Employees
Intel Corporation (NASDAQ:INTC) has significantly stepped up fertility benefits for its workers. The company has also moved to catch up on the child adoption front by hiking adoption benefits for the employees. Intel has planned a series of internal reforms aimed at increasing options for working parents.
Intel Corporation (NASDAQ:INTC) has updated its benefits policy, boosting the fertility benefits for its U.S. workers fourfold. The company says that benefits related to fertility services have been raised to $40,000 from $10,000 in the previous benefits policy. Additionally, Intel has increased benefits related to fertility medications to $20,000 from $5,000.
Matching the cost of fertility treatment
According to Intel’s director of benefits, Ogden Reid, the step up of the fertility benefits for employees was triggered by data that showed increase in in the cost of fertility treatment cycles. For example, the average cost of a treatment cycle has gone up to $20,000 with success rate being in the range of 20% to 30%.
As such, Reid said that Intel figured out that it was important to improve fertility benefits to cover two full treatment cycles instead of only a fraction of a cycle treatment.
The updated benefits policy also eliminates the requirement that workers should get a medical diagnosis before they can qualify for the fertility benefits. Intel established that the medical diagnosis requirement was unfavorable for same-sex couples.
Intel Corporation (NASDAQ:INTC) has also updated its adoption benefits. Under the new system, the company has raised adoption benefits per child to up to $15,000 and also removed limits on the number of children that an employee can adopt. The previous system placed coverage of $5,000 per child, hitting a lifetime limit of $15,000.
According to Intel, the cost of child adoption has gone up, hence the up to increase the benefits.
Intel Corporation (NASDAQ:INTC) anticipates that only a small portion of its workforce will take advantage of the updated benefits. In the U.S., for instance, the company says that several hundred of employees avail themselves for fertility benefits each year. About 30% to 40% of employees access adoption benefits.
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