Tata Steel has announced that it will continue to give salaries to families of those employees who succumb to COVID. The company would pay the last-drawn salary till the time the employee would have turned 60, the company stated. The social security scheme will also include medical benefits and housing facilities.
Further, the company has also taken responsibility for the expenses of their children's education till their graduation in India. "Tata Steel family stands stoically with all its people, committed to their security and well-being," the company said in a statement.
The announcement has earned the company much praise and appreciation on social media. With the move, it has joined the likes of Borosil, Tech Mahindra, Bajaj Auto and Mankind Pharma who have announced such measures to ease the suffering of families orphaned due to COVID.
Borosil and Borosil Renewables
Early this month, Borosil and Borosil Renewables had announced COVID relief for its employees and their families after it lost four from its staff to the pandemic. Borosil Managing Director Shreevar Kheruka has informed 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. The company will also “take care of the education of the children till their graduation in India”. Family members will also be eligible to receive other additional benefits the employee is entitled to.
Mankind Pharma
Mankind Pharma, which markets Prega News pregnancy kit, has launched a Covid protection policy under which the company will contribute an amount equivalent to five years of the last drawn gross annual salary to the dependents of the deceased employee with a maximum limit of Rs 50 lakh. Further, the drug firm noted that each employee would be covered under the Employee Deposit Link Insurance (EDLI) scheme and the legal nominees will be paid an amount of Rs 7 lakh in case of death of the employee. The company will continue to provide medical cover to the dependents of the employee registered in the Group Mediclaim Policy for three years post the demise of the employee
Bajaj Auto
Bajaj Auto will pay two years’ salary with a maximum limit of Rs 2 lakh per month to the family of the employee who died due to Covid. It will also offer an annual education assistance of Rs 1 lakh and Rs 5 lakh to the children of the deceased employee till the completion of standard 12 and graduation. There will be 5-year hospitalisation insurance for all the family members of the deceased employee.
Tech Mahindra
Tech Mahindra has announced the rollout of the ‘COVID Support Policy’ that will provide job, learning and development, and educational opportunities to immediate family members of employees who succumb/ have succumbed to COVID on or after April 1, 2020. This will be in addition to the support Tech Mahindra already gives through life insurance, medical insurance and other statutory benefits in line with policies and local laws across the globe.
TVS Credit Services
TVS Credit Services has extended additional financial assistance under “Parivaar”: an Employee Family Assistance Program (EFAP) by adding benefits such as providing monetary compensation equal to three years of the employee’s salary, three years of family medical insurance and a dedicated financial adviser appointed to guide the family on managing the fund effectively. The educational expenses of the deceased employee’s kids will be borne by the company up to their completion of graduation. A member will be taught basic computing skills and will be enrolled in other vocational courses Elaborating further on the program.
Indiabulls Housing Finance
The company has decided that in case of a death of any of its employees due to Covid, it would continue to pay the monthly salary to the bereaved family for a period of two years, among other measures. The company will also cover their children's education till they graduate from any Indian college.
Lodha
Realty major Lodha Group has promised to pay 12 months salary to the family of any of its associates who die of the pandemic.
Renew Power
Renewable energy player Renew Power is offering three months' full salary and 50 per cent of the wage for the next two years to the family of the dead apart from offering support to education, and insurance for five years.
Sun Pharma
Sun Pharma, apart from paying two years salaries, will also pay for the education expenses of the children of the demised employees up to their graduation. Sun, which employs over 27,000, will pay a minimum of Rs 25 lakh and maximum of Rs 1.2 crore, depending on the employee's salary.
