Spending 350 Billion Won on Employee Weight Loss? "It's Worth It Even If They Leave" - Bold Benefits at a U.S. Company Draw Attention

Over 12.5% of Total Healthcare Costs

Long-Term Health Benefits Beyond Weight Loss Expected

Major U.S. bank Bank of America (BofA) is reportedly spending more than 250 million dollars (approximately 354.4 billion won) annually on obesity treatment for its employees.

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On August 6 (local time), U.S. media outlets including Business Insider (BI) reported that Brian Moynihan, Chief Executive Officer (CEO) of Bank of America, revealed in an interview with CNBC, "We are spending more than 250 million dollars a year supporting GLP-1 therapies," and added, "We are seeing major positive results among our employees."

GLP-1 drugs mimic the action of hormones involved in blood sugar regulation and appetite suppression. Originally developed as diabetes treatments, these drugs are now widely used for obesity treatment after their weight loss effects were confirmed. Leading members of the GLP-1 drug class include Novo Nordisk's Wegovy and Eli Lilly's Mounjaro.

The costs associated with GLP-1 therapies account for more than 12.5% of Bank of America's total healthcare budget (about 2 billion dollars). Considering that BofA employs around 211,000 people, this represents a significant welfare expenditure.

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Nevertheless, the company maintains that these investments are worthwhile, given the improvements in employee health. CEO Moynihan explained, "This expense did not exist at all four or five years ago," but noted that GLP-1 therapy has resulted in positive health changes among staff. He also emphasized that the support is valuable even if some employees leave the company before experiencing the long-term benefits of the therapy.

In particular, BofA believes these therapies may have lasting health effects, such as weight loss and reduced risk of cardiovascular disease.

Bank of America is not only covering medication costs but is also providing health coaching programs. The approach combines drug therapy with health management programs to help employees sustain weight loss and change lifestyle habits.

Although GLP-1 drugs are emerging as a new area in corporate welfare, high costs remain a significant barrier. For this reason, across U.S. companies as a whole, support for GLP-1 drugs has not yet become an established welfare benefit.

According to a study by the International Foundation of Employee Benefit Plans (IFEBP), only 36% of companies fully cover the costs of GLP-1 therapies this year. Some businesses have reduced or discontinued their support due to the sharply increased financial burden of these medications.

This content was produced with the assistance of AI translation services.