Kotak to pay full monthly salary of deceased employee for two years
Kotak Mahindra Group (Kotak), India’s leading financial services conglomerates has announced a Pandemic Benevolent Policy for its 73,000 employees.
Under this policy, family members/nominees of deceased employees from 1st April 2020 and subsequent cases up to 31st March 2022 will receive a full monthly fixed salary (Cost to Company) for two years beginning June 2021.
Further, this policy is applicable to families/nominees of all deceased employees, irrespective of the cause of death – whether pertaining to COVID-19 or any other cause not related to the COVID-19 pandemic.
Furthermore, family members/nominee of deceased employees eligible for annual bonus will also receive the annual year-end bonus for FY2020-21.
In addition, Kotak’s Mediclaim Insurance will cover the spouse & minor children of the deceased employee for FY2021-22.
To help and support employees across the country in their fight against the pandemic, Kotak has put in place a series of emergency measures including tie-ups for medical emergency response services, isolation facilities, telemedicine services, financial assistance for medical expenses as well as the formation of internal volunteer teams across the country to assist employees and their families with critical resources.
Kotak is also striving to vaccinate all Kotakites and family members quickly, to win the fight against the virus and make each Kotakite safer and healthier.
Kotak Mahindra Bank Limited is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management.
