COVID-19: TVS Credit adds additional financial aid to its employees under ‘Parivaar’ Program
In an effort to ensure employees’ well-being and safety amidst the COVID pandemic, India’s leading financial services provider TVS Credit Services Ltd. extended additional financial assistance under “Parivaar”: an Employee Family Assistance Program (EFAP).
TVS Credit Services Ltd. added several benefits to the welfare program during the initial outbreak of the pandemic to provide financial support to the employee’s family in case of untimely demise or terminal illness of the employee. Some of the salient features of the program are:
- Provide monetary compensation equal to three years of the employee’s salary
- The program also provides 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.
- To provide employment to a family member or make them employable, basis the qualification, a member will be taught basic computing skills and will be enrolled in other vocational courses
Elaborating further on the program, Ms. Jayashubha K, Chief People Officer, TVS Credit, said, “With an outbreak of the pandemic in 2020, we added several benefits to the ‘Parivaar‘ program to provide financial aid to our employees. While we understand that no financial aid or assistance can compensate for the loss of loved ones, it is important for us as an organisation to reassure and provide security to the families while they overcome the bereavement. Since the surge in COVID-19 cases across India, several families of our employees struck with the misfortune have been assisted. We are committed to continue our efforts and support our employees get through these unprecedented times.”
TVS Credit has also introduced various other welfare initiatives for the safety and well-being of employees and their family members. This includes special insurance schemes to cover COVID centric hospitalisation and medical expenses, setting up an emergency financial assistance fund through which employees can avail instant loans, assistance in emergency consultation for the employees and their family members and conducting several one-on-one sessions with certified counsellors on physical and mental wellness.
To provide additional help, the organisation has also set up a COVID helpdesk & support centres in Maharashtra, New Delhi, Uttar Pradesh to assist with immediate medical treatment and provide emergency support to the ones in need. As the nation continues to fight the battle against the second COVID wave, TVS Credit has also launched COVID-19 Vaccination Awareness Campaign across cities to spread awareness among its employees and their families on the importance of getting inoculated from the deadly virus.