The firms, in a statement, said they will cover hospitalisation charges and extend insurance to dependents.
TVS Motor Company and Sundaram Clayton Ltd. on Wednesday announced welfare measures for employees in light of the pandemic.
Of the many challenges that employees may face, one is the sheer financial impact of medical expenses from possible hospitalisation. In the event an employee needs to be hospitalised due to COVID-19, the companies would cover all expenses, a statement said.
In case of an unfortunate eventuality, the companies said they would support the bereaved. As immediate relief, they would provide compensation as ex-gratia to the legal heir of the deceased employee. This compensation would be commensurate with the number of years of service, and would be up to three times the gross annual salary, they said. The ex-gratia would be in addition to the standard TVS Motor Company and Sundaram Clayton Ltd., Family Welfare Funds and other statutory benefits.
The medical insurance benefits will be extended to the bereaved for the next three years. To ensure a stable future for children and to ease the burden on dependents, the companies will provide educational assistance for up to two children till the completion of undergraduation, they said.
The Group Corona Mediclaim policy of ₹1 lakh has been extended to all employees. They have also facilitated assistance to employees to avail of the same coverage for dependents. The companies have set up a 24/7 ambulance service in select regions for employees.
Th companies said they had already vaccinated every employee above 45 years. In the second phase, all employees above the age of 18 at the Hosur, Mysore, and Bengaluru offices were now being vaccinated in collaboration with various hospitals and primary health centres, they added.
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