Mastercard to cover employee travel, lodging for out-of-state abortions

FILE PHOTO: Illustration photo of a Mastercard logo on a credit card

(Reuters) - Mastercard Inc on Wednesday said it will fund travel and lodging for employees seeking abortions outside their home states from June, according to an internal memo seen by Reuters.

Companies including Microsoft Corp, Inc and Tesla have rushed to the aid of their U.S. employees as several states tighten abortion restrictions.

The country's top court is also set to overturn a 1973 ruling which legalized abortion nationwide, according to a leaked initial draft majority opinion by the U.S. Supreme Court.

Three of the six major U.S. banks have already taken initial steps towards the effort. Citigroup Inc began covering travel expenses for employees who go out of state for abortions in March, the first major bank to do so.

Peers JPMorgan Chase & Co and Goldman Sachs Group Inc are also reviewing its policies that cover abortion benefits for employees.

Besides expenses related to pregnancy terminations, Mastercard will also cover surrogacies, adoption services, vasectomies and access to contraception, the memo said.

(Reporting by Sohini Podder and Manya Saini in Bengaluru; Editing by Devika Syamnath)