Mahindra & Mahindra has reportedly announced that the family of any employee who succumbs to Covid-19 will receive their salary up to a time period of five years. This comes as a change in the previous policy of providing a one-time payment of twice the yearly compensation of the employee. This will be paid to the immediate dependents of the deceased employee.
The announcement comes as a huge relief to all the employees in the company especially in these challenging times when the spread of the virus is rapid.
This announcement is a part of the ‘Family Assistance Policy’ which is aimed at providing relief and financial support to the dependent family of the employees.
Apart from this, the company has also assured to pay Rs 2 lakh per annum towards funding the education of the children of the deceased employee up to class 12.
The CEO of the company has reassured his employees by releasing this information in an official letter.
Mahindra & Mahindra has also helped in vaccinating almost all of its employees aged above 45. This initiative was accomplished by the month of April 2021 before the vaccine shortage hit the country.
Apart from all these compensation & benefits, the company is also covering the medical expenses of all employees in need of medical aid and assistance. The company is readily providing a daily allowance of Rs 1000 for miscellaneous expenses incurred by employees undergoing Covid-19 related treatments. The company is also paying for the expenses of the family members of the employees.
The company, as per its policy, decides to extend help for its employees and family members.