TCS has assured its employees, that in the unfortunate incident of demise due to COVID-19, the family members are eligible for an insurance cover of Rs 23 lakhs or an amount equivalent to six times the deceased employee's annual compensation, whichever is higher. (Representative image)
The COVID-19 pandemic has been devastating. It has robbed us of people we love, our livelihoods and has left an indelible mark in every mortal's psyche. While nothing can make up for the loss of a loved one, any assistance to help a family get back on their feet, is always a welcomed gesture. Keeping this in mind, many companies in India have come forth in these times of crisis, to help their employees' families by announcing a slew of financial assistance and incentives.
Here are a few Indian companies that have taken the initiative to help their employees out.
Welspun announced on May 12, that it will pay 50 percent of the monthly salary for two years as living allowance to the family in case an employee died due to COVID-19.
The company will also pay for medical insurance for the family (including spouse and two children) with a cover of Rs 5 lakh for a period of 10 years. Further, Welspun will also be paying the education fees of up to two children up to graduation.
In a statement, the company also assured that it will consider spouse and children for suitable job roles based on the company’s policy as per requisite qualification and skill.
Borosil Ltd. and Borosil Renewables Ltd. have said that in the event of an employee losing life due to COVID-19, his or her family will continue to receive the salary for the next two years. Family members will also be eligible to receive other additional benefits the employee is entitled to.
In a LinkedIn post, Borosil Renewables Ltd’s Head of Marketing Swapnil Walunj said that the company will also “take care of the education of the children till their graduation”.
For families whose members worked at Muthoot Finance, the company will pay a monthly salary for the next 24 months to the spouse or mother of the deceased employee if they had completed three or more years of service.
In cases where the employee had not completed 3 years of service, a monthly salary will still be paid but for a period of 12 months.
For contractual employees, the company has announced 12 months’ monthly salary regardless of actual time spent with the company. The company will also give a one-time payment to the dependents or family of the deceased employee, in addition to the above benefits.
According to a report by The Times of India, the company is offering Rs 30 lakh insurance, Rs 7 lakh employees deposit-linked insurance and an amount equal to the annual salary of the deceased professional to the family members.
Tata Consultancy Services
TCS has assured its employees, that in the unfortunate incident of demise due to COVID-19, the family members are eligible for an insurance cover of Rs 23 lakhs or an amount equivalent to six times the deceased employee's annual compensation, whichever is higher. TCS is the largest employer of software professionals in India.
India's leading private non life insurer, ICICI Lombard, according to a The Times of India report, has said it will grant employment to the deceased staff's spouse, considering the spouse's educational qualification. Besides, it will also provide terminal benefits like provident funds and gratuity to the family of the deceased employee.
K Raheja Corp
Commercial and residential property developer, K Raheja Corp, has said it will offer a term cover equal to one year gross salary to the family members in an event of any employee succumbing to COVID-19.