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Bank Mental Health Benefits

Scotiabank Expands Mental Health Benefit to $10,000 Per Year

— November 11, 2021 — Lifestyle
The societal dialogue around mental health has increased dramatically in recent years and made it more acceptable to talk openly about issues. This shift has prompted Canadian bank Scotiabank to expand its mental health coverage from $3,000 to $10,000 beginning April 1, 2022. In addition to the increased mental health benefits, the bank is also launching live mental health workshops on November 17 to all people leaders in Canada.

"We were concerned as we were seeing an increased uptake in [the] use of mental health benefits and know employees are seeking support from their team and employer when it comes to mental health," said Dominic Cole-Morgan, Senior Vice President, Total Rewards. The increased benefits will go to services like clinical counselors, internet-based cognitive behavioral therapy, psychologists, and more.
Trend Themes
1. Increased Mental Health Benefits - The trend of offering increased mental health benefits by companies as society becomes more accepting of open mental issue dialogues, companies are increasing their mental health coverage.
2. Live Mental Health Workshops - The trend of offering live mental health workshops as part of employee mental wellness programs is increasing as a means of addressing employee mental health needs.
3. Internet-based Cognitive Behavioral Therapy - The trend of providing internet-based cognitive behavioral therapy (CBT) services by companies in response to increased demand for remote therapy options.
Industry Implications
1. Finance - The finance industry can leverage increasing mental health benefits as a value proposition to attract and retain employees, while promoting mental wellness among existing staff.
2. Healthcare - The healthcare industry can leverage increased demand for internet-based cognitive behavioral therapy services to offer remote services to patients, as a means of augmenting existing in-person services.
3. Telemedicine - The telemedicine industry can leverage increased demand for remote mental health services by financial institutions and healthcare providers, as a means of expanding their market and partnerships.
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