Mahindra & Mahindra has announced a ‘Family Assistance Policy’ under which it will pay the salary for the next five years, in addition to a one-time payment of twice the annual compensation, to the spouse or dependents of an employee succumbing to Covid-19.
The company will also support the education of the deceased employee’s children till Class 12 with the provision of up to Rs 2 lakh per annum per child.
In a letter to the company’s nearly 25,000 employees, Mahindra Group Managing Director and CEO Anish Shah said: “We are here to help share and lighten the burden of families who have been impacted by Covid-19. A few families had to cope with the sudden loss of a loved one and assume the unexpected responsibility of running a home. We want you to know that you are not alone, and we are here to support you.”
Shah noted that the Family Assistance Policy further enhances the support of one-time payment of twice the annual compensation that the company has provided over the past year.
“A significant addition is a financial support in the unfortunate event of the demise of a colleague, we will pay salary for the next five years; over and above the one-time payment of 2x annual compensation,” he added.
The salary will be paid to the spouse or dependents of the deceased as per defined guidelines.
Mahindra & Mahindra will support the education of the deceased employee’s children till Class 12 with financial assistance of Rs 2 lakh per annum per child and financial planning assistance through advisory services, Shah said.
According to Shah, Mahindra & Mahindra had vaccinated nearly all the employees above the age of 45 years against Covid-19 by April-end.
In case an employee needs to be hospitalised, Shah said: “We will cover all expenses plus provide Rs 1,000 per day as an allowance towards miscellaneous expenses.”
“All costs for quarantine and hospitalisation will be covered for the immediate family. And for other dependent family members, we will provide financial assistance only in specific need-based cases, as per defined guidelines,” he added.